Question : Statement 1: The National Bank for Agriculture and Rural Development (NABARD) provides credit facilities to promote agriculture and rural development.
Statement 2: NABARD primarily focuses on urban infrastructure development projects.
Option 1: Both statements are true.
Option 2: Both statements are false.
Option 3: Statement 1 is true, and statement 2 is false.
Option 4: Statement 1 is false, and statement 2 is true.
Correct Answer: Statement 1 is true, and statement 2 is false.
Solution : The correct answer is (c) Statement 1 is true, and statement 2 is false.
NABARD was established in 1982 with the primary objective of providing credit facilities for promoting agriculture and rural development. It does not focus on urban infrastructure development projects.
Statement 1 is true because NABARD provides a variety of credit facilities to farmers, agricultural laborers, rural artisans, and other rural stakeholders. These facilities are used to finance agricultural production, marketing, processing, storage, and rural infrastructure development.
Statement 2 is false because NABARD's primary focus is on agriculture and rural development. It does not have a mandate to finance urban infrastructure development projects.
The following are some of the credit facilities provided by NABARD:
Crop loans
Term loans
Working capital loans
Marketing loans
Rural infrastructure loans
Credit guarantee schemes
NABARD also provides financial assistance to state governments and other institutions for promoting agriculture and rural development.
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