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March 24th Business & Economy Current Affairs

NABARD Unveils Water Conservation Campaign in One Lakh Villages

The National Bank for Agriculture and Rural Development (NABARD) will launch a program to preserve water in one lakh villages. This project will cover rural communities where the underground water is low and stressed areas.

  • The initiative will create awareness among the rural communities on water preservation and conservation. The efficient water management practices such as micro-irrigation, traditional water management practices, improved package of agronomic practices and few other technologies.
  • NABARD will recognise Jal Doots(Volunteers from the village) for implementation of projects. The volunteers can make this program successful and productive.
  • Doots will bring awareness among the people, for resourceful use of water and methods of rainwater harvesting. They will also help in the construction of water conservation structures using sophisticated technology.
  • Master Trainers will be recognised will be identified, to run the campaign in the districts. The campaign for this project willbe organisedduring April and July in 2017.

NABARD

  • National Bank for Agriculture and Rural Development (NABARD) was set up in the year 1982 by the Indian Parliament Act. The Bank focuses on improving the agriculture sector in India. The primary focus is to increase the credit flow in the country.
  • Shri B. Sivaraman Committee has recommended for establishment of a separate bank. The committee was set up the Reserve Bank of India.
  • With the introduction of NABARD, all the other bodies related to agriculture and rural development have been mergedinto a single body.
  • Previous Organisations, Agricultural Refinance and Development Corporation (ARDC),Rural Planning and Credit Cell (RPCC) and the Agricultural Credit Department (ACD)of Reserve Bank of India.
  • NABARD plays a crucial role in the development of financial inclusion. It is the member of the Alliance for Financial Inclusion.

Essential Functions of Reserve Bank of India

  • NABARD is the state-run financing company, which promotes developmental activities in the rural areas. It encourages credit and investment for projects and rural development programs.
  • It manages credit monitoring system, rehabilitation of schemes, training of personnel and restructuring of credit instructions.
  • The Agency regulates, the RRB’s,the cooperative banks and manages the recruitment process through the IBPS.
  • NABARD encourages banks to lend to the Self Help Groups, it is well known for its ‘SHG Bank Linkage Programme.’

NABARD Begins Water Conservation Project in Karnataka

  • India’s apex agriculture promoting agency NABARD (National Bank for Agriculture and Rural Development) will assist the Southern State Karnataka with technologies to conserve water and use them resourcefully in the drought –affected districts.
  • The campaign promotes the resourceful use of water.
  • The save water programme aims to bring awareness among the rural folk on water preservation and conservation.
  • This programme will cover the drought prone districts in the country.

ADB approves $350 Million Loan for Development of Roads in Madhya Pradesh

  • The Central Government and The Asian Development Bank (ADB) have signed an agreement for development of major infrastructure in Madhya Pradesh.
  • The project aims to develop 1500 kilometers of roads in the State and improve their condition.
  • ADB will provide loan to worth $350 million loan for the project.
  • It involves upgrading pavements along the roadways, also strengthens bridges and culverts. The project involves maintenance of project for a period of five years.
  • Madhya Pradesh will provide financial assistance of $150 million for this project.

HUDCO to Float Initial Public Offering SEBI Approval to Float IPO

  • Securities and Exchange Board of India’s (SEBI) has approved Housing and Urban Development Corp. Ltd (HUDCO) ‘s application to raise funds through Initial Public Offering (IPO).
  • This initiative is part of Government’s disinvestment drive.
  • The Central Government will hold 100 per cent stake in HUDCO.Nomura Financial Advisory and Securities,SBI Capital Markets,IDBI Capital and ICICI Securities will manage the firm’sinitial public issue.
  • World Sparrow Day was observed on 20 March
  • The world countries have observed 20th March 2017 as the World Sparrow Day. A specific day was created to bring awarenessamong the people on house sparrow and their importance to the environments.
  • Initially, the first World Sparrow Day was celebrated across the world in the year 2010.

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