The Agricultural Refinance Development Corporation (ARDC)
Farmers in India require mainly medium term and long term loans
and they face a lot of difficulties in getting them. The only organization
providing long term credit is Land Development Banks which have lagged behind
and recorded only limited success. The credit requirements of the agricultural
sector are increasing year after year. With the aim of bridging the gap in
agricultural finance and to extend credit for projects involving agricultural
development, an organization called the Agricultural Refinance Development
Corporation (ARDC) was established by an Act of Parliament and it started
functioning from July 1, 1963.
(i) To provide necessary funds by way of refinance to eligible institutions
such as the Central Land Development Banks, State Co-operative Banks, and
Scheduled banks.
(ii) To subscribe to the debentures floated by the Central Land
Development banks, State Co-operative Banks, and Scheduled banks, provided they
were approved by the RBI.
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