Collaboration of SBI and NABARD together to bring rural prosperity : Daily Current Affairs

Collaboration of SBI and NABARD together to bring rural prosperity

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SBI and NABARD signed a MoU to collaborate together with an objective to enhance rural prosperity by merging together institutional lending and other growing development initiatives.

About

This MoU would help in achieving goals of financial inclusion.
It will help the rural people through various developmental projects run for their benefit.
It will explore the opportunities in projects designed by NABARD by direct or indirect financing.
The schemes covered under MoU:

Agriculture Infrastructure Fund,

Agricultural Marketing Infrastructure,

Mission for Integrated Development of Horticulture,

Joint Liability Groups (JLGs),

Self Help Group (SHGs),

Farmers Producer Companies (FPCs),

Agri Clinic and Agri Business Centres,

Financial Literacy Programmes and others.

Telengana‘s achievement was highlighted in financing JLGs, FPCs, Hydroponics and SHGs.
The role played by SBI was praised by NABARD chairman, during this pandemic by spreading banking services to all corners of the country.
Financial Inclusion and Micro Market (FIMM) vertical set up in SBI was also lauded.
It is expected that this MoU will prove to be a landmark decision in promotion of agriculture and rural development that in a way is going to go hand in hand with the idea of Atmanirbhar Bharat.

NABARD

National Bank for Agriculture and Rural Development (NABARD) is an apex development finance institution of Government of India. The bank has been entrusted with "matters concerning policy, planning, and operations in the field of credit for agriculture and other economic activities in rural areas in India". NABARD plays an active role in developing & implementing Financial Inclusion .

NABARD was established on the recommendations of B.Sivaramman Committee (by Act 61, 1981 of Parliament) on 12 July 1982.

SBI

The bank descends from the Bank of Calcutta, founded in 1806 via the Imperial Bank of India, making it the oldest commercial bank in the Indian subcontinent. State Bank of India was established on 1st July, 1955. It is an Indian multinational, a statutory body of public sector banking and financial services headquartered in Mumbai, Maharashtra.