National Bank for Agriculture and Rural Development– NABARD area development plan for Punjab of worth Rs 1,918 crore has been launched to supplement farmers income. The plan was launched by NABARD Chief General Manager (Punjab), Deepak Kumar at a meeting of State Level Bankers Committee (SLBC).
The goal of the plan is to provide income to farmers at sustainable basis through promoting agricultural activities like dairy, vegetable cultivation, bee keeping, mushroom growing.
Kumar shown concerns about declining investment credit growth in Punjab and asked banks to pay proper attention in the area to keep it back on growing track. As per the statistics investment credit growth in Punjab has been going down continuously. It was 37 per cent in 2013-14 but now it has remained 18 per cent in 2016-17. However overall investment credit growth in India has grown up from earlier 25 to 35 per cent.
NABARD (National Bank for Agriculture and Rural Development) – राष्ट्रीय कृषि और ग्रामीण विकास बैंक
NABARD is one of the primary development financial institution in India that works for agriculture sector growth in country. The bank handles matters like policies, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India. Its headquarter is in Mumbai, Maharashtra. It was established on 12 July 1982 for the implementation of National Bank for Agriculture and Rural Development Act 1981.
NABARD replaced earlier agriculture and rural areas related departments which were Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC) of Reserve Bank of India, and Agricultural Refinance and Development Corporation (ARDC).
For more: Agriculture Current Affairs