The National Bank for Agriculture and Rural Development (NABARD) has been accredited by the United Nations’ Green Climate Fund (GCF) as an implementing entity for undertaking climate change related projects in India. The GCF was set up under the framework of the UN Framework Convention on Climate Change (UNFCCC) in 2010 to help developing countries finance clean energy, other mitigation efforts, and adaptation to climate change. NABARD is the only National Implementing Entity in the country, at present, for undertaking climate change projects.
NABARD
- NABARD is an apex development bank in India having headquarters based in Mumbai. It is India’s specialized bank for Agriculture and Rural Development in India.
- NABARD was established on 12 July 1982 by a special act by the parliament.
- RBI sold its stake in NABARD to the Government of India, which now holds 99% stake.
- NABARD was established on the recommendations of Shivaraman Committee.
- NABARD refinances the financial institutions which finance the rural sector.
- NABARD has been instrumental in grounding rural, social innovations and social enterprises in the rural hinterlands.
Test Your Knowledge
Who is the current Chairman and Managing Director of NABARD?
Who is the current Union Minister of Agriculture?
