NABARD
: ECONOMY
NEWS
:
Empowering
Rural India: NABARD Survey on Rural Financial Inclusion
WHAT’S
IN THE NEWS ?
National Bank for
Agriculture and Rural Development (NABARD) released Second All India Rural
Financial Inclusion Survey (NAFIS) 2021-22
- Income
Growth:
Average monthly income of households increased by 57.6%.
- Consumption
Basket Shift:
Share of food expenses in household consumption declined from 51% to 47%.
- Financial
Literacy:
Respondents with good financial literacy increased from 33.9% to 51.3%.
- Agricultural
Loans:
The share of agricultural households taking loans from institutional
sources rose from 60.5% to 75.5%.
National
Bank for Agriculture and Rural Development (NABARD):
- Establishment: Founded in
1982 under the NABARD Act, 1981, based on Shivaraman Committee’s
recommendations.
- Headquarters: Mumbai.
- Mandate: Supports
agriculture, small industries, and rural development projects.
- Governance: Governed by
a board appointed by the Union government.
- Functions:
- Implements
rural development projects of World Bank and commercial banks.
- Supervises
Cooperative Banks and Regional Rural Banks (RRBs), integrating them into
the Core Banking Solution (CBS).
- Took over
functions of Agricultural Credit Department (ACD), Rural Planning and
Credit Cell (RPCC), and Agricultural Refinance and Development
Corporation (ARDC).
- NAFINDEX: A survey
offering an overview of rural livelihoods and financial inclusion.
- Integrated
Tribal Development Programme: Provides sustainable livelihoods to
tribal families.
- Kisan Credit
Card Scheme:
Enables farmers to meet credit needs for agriculture.
- Climate
Change Fund:
Established to address climate change impacts.
- E-Shakti:
Digitization project for Self Help Groups (SHG) members.
Source
: https://pib.gov.in/PressNoteDetails.aspx?NoteId=153270&ModuleId=3®=3&lang=1