Q1045
RBI set up the Agricultural Refinance Corporation (ARC) in 1963 to work as a refinancing agency in providing medium term and long-term agricultural credit to support investment credit needs for agricultural development. In 1975, ARC was renamed as Agriculture Refinance and Development Corporation (ARDC) to give focused attention to credit offtake, development and promotion of the agricultural sector. Ultimately, NABARD was set by RBI in 1982 whose main function is that it:
A.
directly lends and monitors the rural borrowers
B.
refinances the banks extending rural finance
AnswerC.
refinances the rural borrowers obtaining credit from banks
D.
directly finances the rural borrowers and gets refinance from government
Answer: Option B
Solution
Answer: Option B
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