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Economic Affairs Types of Banks and Banking

Consider the following regarding National Bank for Agriculture and Rural Development (NABARD)

1. NABARD was set up by an act of parliament.

2. The bank is active in developing financial inclusion policy of GOI.

3. NABARD's refinance is available to State Co-operative Agriculture and Rural Development Banks, State Co-operative Banks, Regional Rural Banks, Commercial Banks and other financial institutions approved by RBI.

Select the correct answer using codes given below.

1 and 2

2 and 3

1 and 3

1, 2 and 3

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Explanation:

All of the above statements are correct.

National Bank for Agriculture and Rural Development (NABARD) is an apex development financial institution in India, headquartered at Mumbai with regional offices all over India. The Bank has been entrusted with "matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India". NABARD is active in developing financial inclusion policy.

NABARD was established on the recommendations of B.Sivaraman Committee, (by Act 61, 1981 of Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981. It replaced the Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC) of Reserve Bank of India, and Agricultural Refinance and Development Corporation (ARDC). It is one of the premier agencies providing developmental credit in rural areas. NABARD is India's specialised bank for Agriculture and Rural Development in India.