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Consider the following statements about National Bank for Agriculture and Rural Development (NABARD).
1. Reserve Bank of India (RBI) is the majority shareholder in NABARD.
2. It facilitates credit flow for promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts.
3. It issues Kisan credit cards to provide short-term credit to the Farmers.
Which of the above statements is/are correct?
Only 1
1 and 2 only
1 and 3 only
1, 2 and 3
NABARD is an apex development bank in India. The Reserve Bank of India (RBI) holds the majority stake in it. It was established: 1982 on the recommendations of Shivaraman Committee to implement the National Bank for Agriculture and Rural Development Act, 1981.
NABARD mandates for encouraging Commercial banks, cooperative banks and Regional Rural Banks across the country to issue Kisan Credit card (KCC cards). The overarching goal is to develop cash-less eco system by enabling the farming community to avail all new banking facilities at par with urban area of the country.
It is not issued by NABARD directly. so 3rd statement is incorrect.
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