[Mission 2022] Insta– QUED ( Questions from Editorials. ) 24 August 2021 – INSIGHTSIAS

Solution: b)

• The government now holds a 100 per cent stake in NABARD.

NABARD is an apex development and specialized bank established on 12 July 1982 by an act by the parliament of India.

1. Its main focus is to uplift rural India by increasing the credit flow for elevation of agriculture & rural non-farm sector.
2. It was established based on the recommendations of the Committee set up by the Reserve Bank of India (RBI) under the chairmanship of Shri B. Shivaraman.
3. It replaced the Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC) of Reserve Bank of India, and Agricultural Refinance and Development Corporation (ARDC).
4. It has been accredited with “matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India”.
5. NABARD is active in developing financial inclusion policy.
6. Serves as an apex financing agency for the institutions providing investment and production credit for promoting the various developmental activities in rural areas
7. International associates of NABARD include World Bank-affiliated organisations and global developmental agencies working in the field of agriculture and rural development. These organizations help NABARD by advising and giving monetary aid for the upliftment of the people in the rural areas and optimising the agricultural process.

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Solution: a)

Drought is generally considered as a deficiency in rainfall /precipitation over an extended period, usually a season or more, resulting in a water shortage causing adverse impacts on vegetation, animals, and/or people.

There is no single, legally accepted definition of drought in India. Some states resort to their own definitions of drought. State Government is the final authority when it comes to declaring a region as drought affected. 

The Supreme Court of India in its verdict in the matter of Swaraj Abhiyan Vs Union of India stated that drought would certainly fall within the definition of “disaster” as defined under Section 2(d) of the Disaster Management (DM) Act, 2005.

Solution: d)

Regional Rural Banks (RRBs) were formed under the RRB Act, 1976 with an objective to provide credit and other facilities to small farmers, agricultural labourers, and artisans in rural areas.

As per RBI guidelines, the RRBs have to provide 75 per cent of their total credit under priority sector lending. RRBs are primarily catering to the credit and banking requirements of agriculture sector and rural areas with a focus on small and marginal farmers, micro and small enterprises, rural artisans and weaker sections of the society.

In addition, RRBs also provide lending to micro/small enterprises and small entrepreneurs in rural areas.

Scheduled commercial banks contributed the major share in agricultural and allied credit.

Solution: b)

Solution: d)

Under article 297 of the Constitution, all lands, minerals and other things of value underlying the ocean within the territorial waters or the continental shelf of India vest in the Union to be held for the purposes of the Union. India has sovereign rights over the resources of the exclusive economic zone and is entitled to exercise jurisdiction in respect of certain other matters.

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