AU Small Finance Bank signs pact with NABARD to boost rural development projects in Rajasthan | Daily Current Affairs 2021
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AU Small Finance Bank signs pact with NABARD to boost rural development projects in Rajasthan

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AU SFB – NABARD Pact

AU SFB – NABARD Pact: The private sector AU Small Finance Bank (SFB) recently signed a pact with the National Bank for Rural and Development (NABARD).

Highlights:

  • The pact was signed on September 29, 2021 in a bid to boost ongoing rural development initiatives in the state of Rajasthan.
  • The Memorandum of Understanding (MoU) was signed in the presence of NABARD Chairman and Managing Director of AU Small Finance Bank.

Benefits of the pact:

  • The MoU envisages a joint initiative to benefit farmers, Self Help Groups (SHGs), rural artisans, Farmer Producer Organisations (FPOs), agri-entrepreneurs, and agri-start-ups in Rajasthan.
  • This collaboration between NABARD and AU Bank will provide institutional credit support to the ongoing development schemes in the State, which will lead to further prosperity in the rural areas.
  • It will give a boost to the process of lending in the state, especially in areas related to agriculture and rural development.

About AU Small Finance Bank Limited:

  • It is an Indian scheduled commercial bank.
  • It was founded in 1996 as vehicle finance company AU Financiers (India) Ltd.  
  • The bank serves as the low- & middle-income individuals and micro & small businesses that have limited or no access of formal banking and finance channels.
  • The Bank offers loans, deposits and payment products and services
  • It is headquartered in Jaipur, Rajasthan.
  • Mr. Sanjay Agarwal is the MD & CEO of AU Small Finance Bank and is the man behind the success story of the company.

About NABARD:

  • It refers to the National Bank for Agriculture and Rural Development. NABARD is an apex development finance institution in India.
  • It works under the jurisdiction of Ministry of Finance.
  • It was founded on 12 July 1982.
  • The bank has been entrusted with “matters concerning policy, planning, and operations in the field of credit for agriculture and other economic activities in rural areas in India”.
  • It is headquartered in Mumbai, Maharashtra.
  • The current Chairman of NABARD is Dr. G.R. Chintala.

About Rajasthan:

  • Rajasthan is a state in northern India. It shares a border with the Pakistani provinces of Punjab to the northwest and Sindh to the west, along the Sutlej-Indus river valley.
  • It became a State after 1947 when the princely states and chiefships were integrated into India in stages, and the state took the name Rajasthan.
  • It assumed its present form on November 1, 1956, when the States Reorganization Act came into force.
  • The Capital of Rajasthan is Jaipur.
  • The current Chief Minister and Governor of Rajasthan are Ashok Gehlot and Kalraj Mishra respectively.

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