DR. G.R. CHINTALA APPOINTED AS THE CHAIRMAN OF ASIA-PACIFIC RURAL AND AGRICULTURAL CREDIT ASSOCIATION (APRACA).

DR. G.R. CHINTALA APPOINTED AS THE CHAIRMAN OF ASIA-PACIFIC RURAL AND AGRICULTURAL CREDIT ASSOCIATION (APRACA).

Context

Dr. G.R. Chintala has been appointed as the Chairman of Asia-Pacific Rural and Agricultural Credit Association (APRACA).

Details

• He is also the chairman of the National Bank for Agriculture and Rural Development (NABARD).
• He will take over the responsibility from the CEO of Bank of Ceylon, DPK Gunasekera.

About Asia-Pacific Rural and Agricultural Credit Association

• APRACA is an International Organisation with 24 member nations and aims for the promotion of accessible, effective and efficient rural finance to the small farmers of the member countries.
• It also provides rural finance-related training, consultancy, and research publications to assist them.
• They were established to provide financial services to small farmers and rural people in general.
• The two other regional agricultural credit associations are NENARACA (Near East - North Africa Agricultural Credit Association) and AFRACA (African Rural and Agricultural Credit Association)
• All three credit associations were established, with the help of FAO, following the 1975 World Conference on Agricultural Credit.

About NABARD

• It is an apex development and specialized bank established on 12 July 1982 by an act by the parliament of India.
• Its main focus is to uplift rural India by increasing the credit flow for the elevation of agriculture & the rural non-farm sector.
• It was established based on the recommendations of the Committee set up by the Reserve Bank of India (RBI) under the chairmanship of Shri B. Sivaraman.
• It replaced the Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC) of Reserve Bank of India, and Agricultural Refinance and Development Corporation (ARDC).
• It has been accredited with “matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India”.