Answer the question in maximum 50 words/5 to 6 lines. This question carries 05 marks. [MPPSC 2022]
What is NABARD? How is it useful for villagers?
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NABARD, or the National Bank for Agriculture and Rural Development, is an apex development bank in India established in 1982. Its primary objective is to promote sustainable rural development and enhance agriculture productivity. NABARD provides financial and developmental support to rural infrastructure projects, cooperatives, and microfinance institutions.
For villagers, NABARD is immensely useful as it facilitates access to credit for farmers and rural entrepreneurs, enabling them to invest in agricultural activities and small businesses. Additionally, it supports skill development programs, implements various rural development initiatives, and helps enhance livelihoods, ultimately contributing to poverty alleviation and improved living standards in rural areas.