The full form of NABARD is the National Bank of Agriculture and Rural Development, which is one of the best and unique financial institutions. It came into existence on July 12, 1982. This is an apex-level bank and it was proposed by the Sivaraman Committee in 1979. NABARD helps in supporting credit flow when it comes to the development of rural areas.
Initially, NABARD began with an amount of Rs 100 crore, and its mission is to offer equitable agricultural and rural prosperity. This is done through good credit support-related services as well as other innovative initiatives. NABARD’s headquarter is situated in Mumbai; however, it is not a completely owned subsidiary of RBI.
What is NABARD?
Recently, NABARD released the NABARD Grade A exam notification for the assistant managers back in July 2021. Almost 154 vacancies were there for the Rural Development Banking Service, Legal Service as well as Protocol, etc.
Every year, the organization rewards its employees with some of the best salary packages, especially in the banking industry.
Functions of NABARD
Talking about the primary role of NABARD, it provides as well as manages the credit flow for the development of the village, other small-scale industries throughout the countries. Another important function, which is performed by NABARD, is making rural India financially inclusive through goal-oriented departments.
Apart from that, it also provides refinancing support to build rural infrastructure. It also helps in preparing the district-level credit plans for motivating the banking industry to achieve its targets. Regional Rural Banks, as well as State Co-operative Banks, require supervising and NABARD does it effectively.
NABARD also provides loans to both public as well as the private sector to build cold storage, cold chain infrastructure, and silos, warehouses. Moreover, it encourages the farmers as well as rural artisans for the investment activities to provide long-term as well as medium-term refinance to the banks.
It also facilitates micro-finance initiatives throughout different countries so that it can help in enhancing the rural areas that too in a cost-effective as well as sustainable manner.
NABARD Grade A- Job Posting
As NABARD is one of the best organizations when it comes to the overall development of the rural areas. Once you are experienced with the work within the headquarters, you will get a district-level posting as the District Development Manager. Now, you have to keep in mind that this posting can be arranged within any district.
Talking about different perks and benefits, DDM enjoys different perks along with the provision of office-cum-residence. Here are some of the duties and responsibilities that a DDM enjoys while in the service term.
- Taking care of the development, planning of the regional rural bank as well as credit cooperative branches. The service includes acting as the regulatory body.
- You have to advise the district administration for taking up the developmental initiatives.
- Coordinating with the commercial banks as well as regional rural banks that too on subsidy.
- Development of the infrastructure as well as coordination with the community-level organizations for the overall development initiatives and consultancy.
NABARD Grade A- Career progression
Talking about the regular progression path, if you want to appear for the NABARD examination, then there are many options to choose from. Starting from the directors, executive directors to chief general manager to general manager, NABARD is definitely one of the best choices when it comes to making career progress.
Both Grade A, as well as Grade B, can help you to get higher positions while working in NABARD. As a result, the future posts will only get you more respect as well as a hike in your salary.
Different types of loans you can get from NABARD
You can get short, medium, and long-term loans from NABARD. Here are some of the details of the types of loans that you can get from NABARD.
You will get the short-term loans at a concession rate of interest mostly for production purposes to the Regional Rural Banks as well as State Co-operative Banks. RRB and SCBs offer loans for the below-listed criteria.
- Marketing of the crop
- Fisheries department
- Agricultural operations
- Industrial cooperative societies (not to weavers)
- Purchasing, distributing the fertilizers, and stocking
Every bank gives extra time for the repayment of the loans in different situations such as droughts that leads to crop damage. The extended periods of short-term loans are also known as medium-term loans.
When talking about the long-term loans, these are offered to the small-scale industries, power looms, non-farming sectors that too for a period of three to fifteen years.
Hence, these are some of the things you should know about the NABARD where it posts its employees.