Which of the following statements is are correct regarding NABARD 1 NABARD is a subsidiary of RBI 2 ...........

Economic Affairs Types of Banks and Banking

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Which of the following statements is/are correct regarding NABARD?

1) NABARD is a subsidiary of RBI.

2) NABARD acts as a coordinator in the operations of rural credit institutions.

Select the correct answer using codes given below.

1 only

2 only

Both 1 and 2

Neither 1 nor 2

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Explanation:

First statement is incorrect because NABARD is not subsidiary of RBI.
National Bank for Agriculture and Rural Development (NABARD) is an apex development bank in India, headquartered at Mumbai with branches 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 and is a member of the Alliance for Financial Inclusion.