The 43rd Foundation of NABARD was celebrated at HO on 12 July 2024 with the theme on “Climate Risk Management and banking”. On this momentous day, a series of programmes, including Prelaunch event of Agri Sure Fund, special address of DMDs, keynote address of Shri Shaji K.V., Chairman NABARD, panel discussion on ‘Climate Risk Management and banking’, launch of Publications/ Videos by several Departments etc. were organised. The virtual programme was attended by the serving as well as retired employees of NABARD.

Shri Satish B. Rao, CGM CPD, welcomed participants and NABARD's top management. Following his introduction, Dr. A.K. Sood, DMD, NABARD delivered his inaugural address, emphasizing NABARD's role as a steadfast pillar supporting the growth and prosperity of rural India. He highlighted NABARD's notable achievements, especially its increased credit flow to the agricultural sector, which has empowered numerous farmers. Dr. Sood emphasized that NABARD's schemes have played a pivotal role in advancing rural communities. He reiterated the NABARD's commitment to innovation, citing its exploration of fintech to enhance financial inclusion. Addressing pressing challenges like climate change, water scarcity, and farmer indebtedness, he emphasized NABARD's determination to find innovative solutions to these critical issues.

Shri G.S. Rawat, DMD, NABARD in his address, conveyed his heartfelt congratulations to the entire team of NABARD on the occasion of the 43rd Foundation Day. He highlighted the initiatives taken by NABARD in empowering women, FPOs, JLGs, and introducing innovative products like KCC, which has empowered millions of farmers with access to affordable credit and thereby boosting their income. Since inception, NABARD has been a cornerstone of India’s rural development strategy, adapting to emerging challenges and contributing to the sustainable growth of the agricultural sector and rural economy. He emphasised, that on our 43rd Foundation Day, let us reaffirm NABARD’s pivotal role in rural development and commitment to empowering rural communities.

During the keynote address, Shri Shaji K.V., Chairman, NABARD extended warm greetings to all on 43rd Foundation Day of NABARD. He highlighted NABARD's historical journey, initially tasked with rural and agricultural credit functions by the Reserve Bank of India. Over the years, NABARD has evolved, addressing inefficiencies in rural credit systems and pioneering initiatives like PLP, SHG Bank Linkage, and RIDF, influencing government programs.

Returning to the present context, he noted that as NABARD enters its fifth decade, the ecosystem has significantly progressed, matured, and is now poised for substantial growth. He specifically highlighted the remarkable advancements in financial inclusion, emphasizing that nearly every Indian has now been integrated into the financial system, as indicated by the latest NAFIS survey. However, he also acknowledged that challenges remain, particularly in addressing capacity-building issues, especially in effectively channelling generated surpluses into savings. He emphasized that NABARD would collaborate closely with its subsidiaries to enhance rural development efforts. Transitioning from a facilitator to a proactive participant in credit plus activities is crucial. He envisioned an expanded role for the NABARD in uplifting rural communities, transitioning them from beneficiaries of Direct Benefit Transfer (DBT) to active participants accessing commercial credit from financial institutions. This transition defines the NABARD's unique niche and underscores its strategic focus. He added that our growth trajectory aligns comfortably with GDP and sector benchmarks. Currently boasting a balance sheet of 9 trillion, our immediate goal is to swiftly add another trillion. As a Development Financial Institution (DFI), while NABARD remain assured of meeting or exceeding targets, our focus must not waver. Continuous, proactive steps are crucial, not just annual endeavours. Emphasizing efforts on the liability side is imperative, especially given the Government of India's progressive stance on restricted concessional funds. To effectively address challenges like uneven growth and income disparity, NABARD must accelerate growth in its sphere, aiming to double the GDP growth rate, thereby meeting the evolving needs of the rural economy. He emphasized reaching out to numerous underserved individuals and organizations needing our support, distinguishing our organization from others by our unique approach—creating demand and potential rather than following established templates. He advocated for senior officer support in innovating business models and encouraged sourcing ideas internally to overcome limitations of experience. Stressing a flat organizational structure with reduced reporting levels, he highlighted the challenge of effectively managing and maximizing the potential of large-scale talent recruitment. Proposing the revival or refinement of TAG/RAG programs to address skills gaps, he underscored the need to develop expertise in specialized areas like Funds Management, Climate Finance, and Risk Management under BASEL III, with each department ideally housing a technology vertical to keep pace with evolving ecosystems. He emphasized contributions to initiatives like Agristack and focused on expanding roles in Venture Capital and Microfinance beyond SHG and JLG models, supporting RBI's updated microfinance definitions through capacity building, particularly in the cooperative sector. Additionally, he stressed support for Government of India initiatives aimed at rural job creation and agricultural sector development.

Looking ahead, he emphasized the need for introspection and technological advancement, citing ongoing efforts in data warehousing and digitization. He underscored NABARD's pivotal role in sustainable development amid global climate challenges and stressed enhancing financial inclusion and rural development. He outlined strategic goals, including expanding partnerships, revitalizing rural MSMEs, and leveraging technology for efficiency and growth. He urged the new officers to develop expertise, highlighting plans for a technology warehouse that will be accessible across the organization on demand. Emphasizing the organization's knowledge-based nature, he stressed the importance of sharing and making acquired knowledge readily available to all staff. He expressed optimism that these goals will be achievable once the data warehouse is fully operational.

In conclusion, he rallied for a proactive approach in transforming agriculture into agribusiness, aligning with national priorities of equity, job creation, and farmer welfare, aiming for NABARD to be a beacon of progress in the coming years.

The next event featured a noteworthy panel discussion on "Climate Risk Management and Banking." The panel included Dr. Trupti Mishra, Professor at IIT Bombay; Shri Santosh Kumar Singh, Managing Director at Intellecap; and Dr. Sat Singh Tomer, CEO of Satyukt (a startup). Moderating the discussion was Shri Vivek Adhia from BCG, marking a significant highlight of the celebration.

Subsequently, the event continued with the launch of publications and videos by various headquarters departments, including:

1.Status of Microfinance in India 2023-24' by MCID
2.Springshed Development Programme-Success Stories' booklet by FSDD
3.Compendium of Best Practices of the JIVA Programme' by FSDD
4.Tribal Development Programme-Success Stories' booklet by FSDD
5.Farmers Producer Organisations-Success Stories' booklet by FSDD
6.Farm Sector Promotion Fund Impactful Interventions-Vol-2' by FSDD
7.Curated Insights: A Compilation of Inquisitive Articles' by DOS
8.Catch a Bug, get rewarded' by DDMABI
9.Beyond Numbers' by CCD
10.RIDF Coffee Table Book – Building Rural Infrastructure' by SPD
11.Short video on Proposal Submission and Appraisal Module in RIDF Web Portal by SPD
12.Educational video on Agriculture Infrastructure Fund (6-minute duration) by DOR
13.MoU Announcement – FPO Accelerator NABARD SMART Partnership by SPPID

Ms. Smita Mohanty, General Manager, CPD, delivered the vote of thanks, expressing heartfelt gratitude to all participants, headquarters departments—particularly DPSP & CCD—for their invaluable logistics support. She also thanked serving and retired bank officials, DDMs, other stakeholders who joined virtually, and everyone whose presence contributed to the resounding success of the event.