Which of the following institutions was set up in 1982 in order to streamline credit facilities to farmers at a national level?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. NABARD.
The National Bank for Agriculture and Rural Development (NABARD) was established in 1982 to streamline credit facilities for farmers and promote rural development on a national scale. Set up by an Act of Parliament, NABARD's primary objective is to provide and facilitate credit and financial support to the agriculture sector and rural areas in India.
NABARD was conceived as a specialized institution to address the specific needs of rural credit and development. It plays a pivotal role in refinancing and funding rural development projects, ensuring that credit reaches the grassroots level effectively.