According to recent press reports, Dr. Prakash Bakshi has been appointed as s the new chairman of the National Bank for Agriculture and Rural Development by the Government of India. NABARD is set up as a top Development Bank in order to help credit flow for promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts.
It also responsible of supporting all other allied economic activities in rural areas, promote integrated and sustainable rural development and secure prosperity of rural areas. It offers loan to State Government/Non-Government Organizations (NGOs)/Panchayati Raj Institutions (PRIs) for developing rural infrastructure. It is an apex refinancing agency for the institutions providing investment and production credit for promoting the various developmental activities in rural areas. Dr. Bakshi was the Executive Director of Nabard earlier, it is said that he will hold office till October 2013. Reports said that it is after eight years that an insider is heading over the organization.
The previous three chairpersons were Ms. Ranjana Kumar (commercial banker), Dr. YSP Thorat (central banker), and Mr. UC Sarangi (bureaucrat). The chairpersons mentioned were all from outside Nabard.