Celebration of 44th Foundation Day of NABARD

Goa Khabar : The 44th Foundation Day of the National Bank for Agriculture and Rural Development (NABARD)  was celebrated by Goa RO with great fervor and participation on 11th July at the Head Office  of the Goa State Cooperative Bank (Goa StCB), Patto, Panaji. The event witnessed an august  gathering of dignitaries, banking professionals, academicians, and cooperative sector stakeholders. 

The event was presided over by Chief Guest Dr. Vasant Jugale, renowned agriculture economist,  an avid Cooperative Sector Expert and retired Professor of Economics from Shivaji University,  Kolhapur. Joining him on the dais were Prabhakar Jha, Regional Director, Reserve Bank  of India (RBI), Panaji and Santosh Kenkre, Chairman, Committee of Administrators, Goa  StCB. The event began with a warm welcome and opening address by Sandeep Dharkar,  General Manager and Officer-in-Charge of NABARD Goa Regional Office, who highlighted  NABARD’s four-decade-long journey in spearheading agricultural and rural development in India,  with a particular focus on Goa’s rural and cooperative ecosystem.

Dr. Jugale, in his keynote speech, offered deep insights into the philosophy and socio-economic  impact of the cooperative movement in India. Drawing from historical and contemporary trends,  he emphasized the cooperative sector as a “third way” — balancing between private enterprise and  state control — essential for inclusive and sustainable rural progress. He also introduced the  concept of “Coopreneurs” to the audience, budding entrepreneurs working in Cooperative  Sector. He commended NABARD for its visionary leadership and catalytic role in revitalizing rural  credit, supporting institutions like PACS, SHGs, and FPOs, and fostering rural livelihoods. He  further underlined the need for strengthening cooperatives to ensure they remain relevant in an  era of globalization and economic liberalization.

Prabhakar Jha highlighted the strong symbiotic relationship between RBI and NABARD. He  recalled that NABARD’s origin can be traced back to the recommendations of the CRAFICARD  committee constituted by RBI, and that NABARD remains a specialized extension of RBI’s rural  finance mandate. He appreciated NABARD’s role in supervising State Cooperative Banks and  Regional Rural Banks and elaborated on RBI’s coordination with NABARD in areas like priority  sector lending, financial inclusion, and institutional strengthening. He expressed satisfaction at the  progress made by cooperative banks in Goa under NABARD’s developmental guidance.

Santosh Kenkre, in his address, lauded NABARD’s multifaceted interventions in Goa’s rural  finance space and recognized its proactive role in supporting the Goa State Cooperative Bank. He  noted how NABARD has seamlessly balanced its supervisory role with developmental support,  particularly through initiatives under the Cooperative Development Fund (CDF) and Financial  Inclusion Fund (FIF), which have enabled modernization, capacity-building, and digital adoption  among cooperatives.

A highlight of the event was the felicitation of three best-performing Multipurpose  Primary Agricultural Credit Societies (mPACS) –Sattari Taluka Farmers Service Coop. Soc.  Ltd., Krishna Vividh Karyakari Sahakari Seva Soc. Ltd. and Mahalaxmi Vividh Karyakari  Sahakari Seva Soc. Ltd. – for their excellence in governance, credit delivery, and member services.  The Goa State Cooperative Bank was also felicitated by the Chief Guest for its significant  turnaround in recent years, attributed to prudent financial management and support from  NABARD.