NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT
n NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT The Reserve Bank of India (RBI) at the instance of the Government of India, constituted a Committee to Review the Arrangements for Institutional Credit for Agriculture and Rural Development (CRAFICARD) to look into these very critical aspects in 1979. Its recommendation was formation of a unique development financial institution which would address these aspirations and creation of National Bank for Agriculture and Rural Development (NABARD) was approved by the Parliament through Act 61 of 1981. NABARD came into existence on July 12, 1982 by transferring the agricultural credit functions of RBI and refinance functions of the then Agricultural Refinance and Development Corporation (ARDC). Consequent to the revision in the composition of share capital between Government of India and RBI, NABARD today is fully owned by the Government of India. Its emblem in green colour has a plant with a cereal protected by a multi