Discuss the Role and Functions of National Bank for Agriculture and Rural Development (NABARD).

The National Bank for Agriculture and Rural Development (NABARD) plays a pivotal role in the growth and development of agriculture and rural areas in India. Established in 1982, NABARD's primary mission is to promote sustainable rural development by facilitating credit flow, supporting financial institutions, and fostering policies that improve rural livelihoods. Over time, its functions and responsibilities have evolved, reflecting the dynamic needs of rural India.

Genesis of NABARD:

The genesis of NABARD can be traced back to the recommendations of the Committee on Financial Inclusion and the need for a specialized institution to address the challenges faced by the agricultural and rural sectors in India. Prior to NABARD's formation, agricultural and rural finance was largely handled by institutions like the Reserve Bank of India (RBI) and commercial banks, but there was a need for a more focused approach. The vision was to create a bank that could serve as a catalyst for rural development, ensuring that agriculture, rural industries, and other critical sectors received adequate financial resources and institutional support.

NABARD was initially set up as a development bank with the responsibility to provide financial and technical assistance for rural development programs. Its formation also stemmed from the growing realization that rural areas, especially agriculture, were underserved by the financial sector. With its creation, NABARD became the key institution to promote rural development, which is integral to the overall economic growth of India.

Principles of NABARD:

NABARD operates on several core principles that guide its functions and objectives. These principles include:

1. Sustainability: NABARD ensures that the financial support provided is sustainable, targeting long-term growth rather than short-term fixes. It aims to create systems and processes that can maintain their own growth and stability.

2. Inclusiveness: A key principle of NABARD is financial inclusion. It aims ____ ________ _____ ___ ________ ____ _____ __________ __________ __________ ___.
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