| Consider the following: |
| 1. The National Bank for Agricultural and Rural Development was set up in 1982 under an act of Parliament. |
| 2. The bank began by taking over the agricultural credit functions of the RBI and refinance functions of the then Agricultural Refinance and Development Corporation (ARDC). Which of these statements is/are correct? |
A) Only 1
B) Only 2
C) Both 1 and 2
D) neither 1 nor 2
Correct Answer: C
Solution :
[c] NABARD is set up as an apex Development Bank with a mandate for facilitating credit flow for promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts. It also has the mandate to support all other allied economic activities in rural areas, promote integrated and Sustainable rural development and secure prosperity of rural areas. In discharging its role as a facilitator for rural prosperity NABARD is entrusted with: Providing refinance to lending institutions in rural areas, Bringing about or promoting institutional development and Evaluating, monitoring and inspecting the client banks
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