Financing and Marketing Management

Unit 5 - Role of NABARD in fisheries development

5.1. History
Reserve Bank of India was established in 1935 with a mandate to set up agricultural credit department with expert staff. Then came Agricultural Refinance Corporation (ARC) in 1963 to oversee the investment credit needs of farmers. . It was renamed as Agricultural Refinance and Development Corporation (ARDC) in 1972. Then a committee called CRAFLCARD formed in 1979 and reviewed the credit structure and recommended formation of NABARD. The committee recommended merging of RPCC, ACD of RBI and ARDC to form a national level institution to oversee the agricultural credit needs and agriculture development. The NABARD Act was passed on 12/4/1982 and NABARD was established with an initial capital of Rs 100 crores. NABARD’s head quarter is at Mumbai. It has 25 regional office in most of the states and one sub office. It also has 4 training establishments.