Rural credit, cooperatives and NABARD

In short

Rural credit is the supply of loans, deposits and related financial services to farmers, artisans, rural enterprises and rural households, through cooperatives, commercial banks, regional rural banks (RRBs), microfinance institutions and the residual informal market of moneylenders and traders. The cooperative system (PACS at the village, district central cooperative banks, state cooperative banks and land development banks) was India's first institutional answer to rural indebtedness; NABARD, set up in 1982, is the apex refinance, supervision and development institution for the whole structure. The topic is examined in Rural Management, Agricultural Economics and Cooperation papers, and is core material for recruitment tests of NABARD (Grade A/B), RBI Grade B, IBPS Agriculture Field Officer, cooperative bank and state agriculture-department exams. In jobs it underlies work at NABARD, cooperative banks, RRBs, NGOs running SHG programmes, agri-fintechs and the rural desks of commercial banks.

Explained

Why rural credit is a special problem

• Purpose: short-term crop loans (seed, fertiliser, labour), medium-term (bullocks, pump sets, dairy animals), long-term (land development, tractors, wells, plantation); plus consumption and social-expenditure needs that institutional lenders historically refused to fund.
• Features that make agriculture hard to lend to: seasonality (income once or twice a year), weather and price risk together (covariate risk - a drought hits all borrowers at once), small ticket size with high transaction cost, weak collateral (land records unclear, tenants have none), long gestation in orchards and plantations.
• Consequences of a credit gap: distress sale of produce, dependence on moneylenders at 30-60% a year or more, crop-loan-to-consumption diversion, and indebtedness that leads to land alienation.
• Classification by source: (i) institutional - cooperatives, commercial banks, RRBs, NABARD refinance, SFBs, NBFC-MFIs; (ii) non-institutional - moneylenders, traders, commission agents, landlords, relatives. The All India Debt and Investment Survey and NAFIS (NABARD All India Rural Financial Inclusion Survey) measure the split; institutional share has risen greatly since 1951 but non-institutional sources still finance a substantial minority of rural debt - the exact share varies by survey round and state, so quote the survey rather than a single number.
• Classification by term: short-term (up to 15 months), medium-term (15 months-5 years), long-term (above 5 years).

Evolution and the committees that shaped it

• Cooperative Credit Societies Act, 1904 - first legal basis, Raiffeisen-type village credit societies; Cooperative Societies Act, 1912 allowed central/federal societies and non-credit societies; Maclagan Committee (1915) proposed the three-tier structure.
• Government of India Act, 1919 made cooperation a provincial (now state) subject - hence each state has its own Cooperative Societies Act and a Registrar of Cooperative Societies; the Multi-State Cooperative Societies Act, 2002 governs societies operating in more than one state.
• All India Rural Credit Survey (Gorwala Committee, 1954) - the landmark finding that moneylenders supplied the bulk of rural credit and the famous verdict that "cooperation has failed, but cooperation must succeed"; it recommended state partnership in cooperatives and led to the State Bank of India (1955).
• All India Rural Credit Review Committee (Venkatappiah, 1969) - led to the Lead Bank Scheme and a bigger role for commercial banks; bank nationalisation (1969, 1980) and priority sector lending brought banks into villages.
• Narasimham Committee (1975) → Regional Rural Banks Ordinance, 1975 and RRB Act, 1976 - RRBs created to combine the local feel of cooperatives with the business discipline of commercial banks.
• CRAFICARD (Sivaraman Committee, 1979) recommended an apex development bank; NABARD Act, 1981, NABARD established 12 July 1982, taking over the Agricultural Credit Department and Rural Planning and Credit Cell of RBI and the Agricultural Refinance and Development Corporation (ARDC).
• Later committees: Khusro (1989, agricultural credit review); Narasimham (1991, 1998, banking sector); Vaidyanathan Committee (2004-05) revival package for short-term and long-term cooperative credit structure, tied to legal reform and professional management; Vyas Committee (2004) on flow of credit to agriculture; Nachiket Mor Committee (2013) on comprehensive financial services for small businesses and low-income households; Internal Working Group on Agricultural Credit (RBI, 2019).
• 97th Constitutional Amendment (2011) inserted Part IXB (Articles 243ZH-243ZT) and made the right to form cooperatives part of Article 19(1)(c); the Supreme Court in 2021 struck down Part IXB as it applies to state cooperative societies for want of ratification by states, upholding it only for multi-state cooperatives. A separate Ministry of Cooperation was created in July 2021.

The cooperative credit structure

Two parallel structures - short-term and long-term - built on member-owned societies:

Short-term (ST) structure, three tiers:

1. PACS (Primary Agricultural Credit Society) - village level, the only tier that is not a bank: no banking licence, not a "banking company"; lends crop loans to members, often also sells fertiliser, runs a fair-price shop or procures produce. Membership runs into crores and PACS number around one lakh.
2. DCCB (District Central Cooperative Bank) - district federation of PACS; licensed by RBI, financed partly by its own deposits and partly by the StCB.
3. StCB (State Cooperative Bank) - apex at state level, balancing centre for the district banks, channel for NABARD refinance.
4. In some states the structure is two-tier (StCB lending directly to PACS, e.g. Kerala's merged Kerala Bank model) or a mixed pattern.

Long-term (LT) structure, two tiers:

• PCARDB / PLDB (primary cooperative agriculture and rural development bank) at taluka level and SCARDB / SLDB at state level; they lend for minor irrigation, farm mechanisation, plantation, land development, traditionally funded by floating debentures subscribed by NABARD, state governments and LIC.

Other cooperatives relevant to rural finance: urban cooperative banks (UCBs), employees' credit societies, dairy cooperatives (Amul/AMUL-type three-tier Anand pattern), marketing and processing cooperatives, consumer cooperatives, and the newer Farmer Producer Organisations registered as producer companies (Companies Act) or cooperatives.

Principles and weaknesses:

• Cooperative principles: open and voluntary membership, democratic member control (one member one vote), member economic participation, autonomy, education, cooperation among cooperatives, concern for community.
• Chronic problems: dual control (Registrar of Cooperative Societies plus RBI/NABARD), politicisation of boards, low recovery and high NPAs, dormant PACS, regional imbalance (strong in Maharashtra, Gujarat, Punjab, Kerala, Tamil Nadu; weak in the east and north-east), elite capture by larger farmers, thin resource base.
• Reform direction: computerisation of PACS (a centrally sponsored scheme linking PACS to a common national software through DCCBs and StCBs), model bye-laws allowing PACS to run multiple services (common service centres, PM-KUSUM and Jal Jeevan work, PM Kisan Samruddhi Kendras, LPG and petrol retail), new multipurpose PACS/dairy/fishery cooperatives.

Regulation: who controls whom

• RBI regulates StCBs, DCCBs, UCBs, RRBs and commercial banks; the Banking Regulation Act, 1949 (as applicable to cooperative societies) applies, strengthened by the Banking Regulation (Amendment) Act, 2020, which brought UCBs and multi-state cooperative banks largely under RBI rules on management and capital. PACS and cooperative societies whose primary object is long-term agricultural finance are outside the BR Act's definition of cooperative bank.
• NABARD supervises StCBs, DCCBs and RRBs through statutory inspection and off-site surveillance; state Registrar of Cooperative Societies handles registration, audit, elections, bye-laws - hence "dual control".
• DICGC deposit insurance covers cooperative banks (not PACS); the insured limit is ₹5 lakh per depositor per bank.
• Deposit Insurance, PSL, CRR/SLR, and the CRAR norms applicable to cooperative banks are RBI-prescribed; PSL targets: 40% of adjusted net bank credit (ANBC) for domestic scheduled commercial banks, of which 18% to agriculture (with 10% of ANBC for small and marginal farmers, phased) and 7.5% to micro enterprises; RRBs and small finance banks have a 75% PSL target. Shortfalls are parked in RIDF (for commercial banks) and other NABARD-administered funds.

NABARD: structure, functions and funds

• Status: a development financial institution set up under the NABARD Act, 1981; wholly owned by the Government of India after RBI transferred its shareholding (paid-up capital has been raised in stages - authorised capital was enhanced to ₹30,000 crore by the 2018 amendment; quote the current paid-up figure from NABARD's latest annual report rather than from memory).
• Three broad roles: financial (refinance and direct lending), developmental (promotion, capacity building, pilots) and supervisory (inspection of StCBs, DCCBs, RRBs).
• Refinance - short-term: seasonal agricultural operations (SAO) refinance to StCBs and RRBs for crop loans; medium/long-term (investment credit) refinance for minor irrigation, farm mechanisation, dairy, poultry, fisheries, plantation, storage, agro-processing, rural housing and non-farm activity, to banks, cooperative banks, RRBs and eligible NBFCs/MFIs.
• Direct lending: to state governments through RIDF (Rural Infrastructure Development Fund, created 1995-96 from PSL shortfalls of commercial banks) for irrigation, rural roads and bridges, drinking water, schools and warehouses; NIDA (NABARD Infrastructure Development Assistance) to state-owned corporations outside RIDF; loans to cooperative banks, FPOs, Primary Agricultural Credit Societies' federations, warehousing and food-processing units; Long Term Irrigation Fund, Micro Irrigation Fund, Dairy Processing and Infrastructure Development Fund, Fisheries and Aquaculture Infrastructure Development Fund, Food Processing Fund, Warehouse Infrastructure Fund, and the window for Agriculture Infrastructure Fund (which is a government scheme NABARD helps implement).
• Development and promotion: the SHG-Bank Linkage Programme (pilot 1992, now the world's largest microfinance programme), Joint Liability Groups for tenant and oral lessee farmers, Farmers' Clubs / Farmer Producer Organisations promotion, Watershed Development Fund, Tribal Development Fund (wadi programme), Financial Inclusion Fund, Rural Innovation Fund, Producer Organisation Development Fund, training through BIRD Lucknow (Bankers Institute of Rural Development) and regional training colleges.
• Planning: NABARD prepares the Potential Linked Credit Plan (PLP) for every district, which feeds the District Credit Plan under the Lead Bank Scheme and the State Focus Paper; the State Level Bankers' Committee (SLBC), District Consultative Committee and Block Level Bankers' Committee coordinate implementation. The aggregate Annual Priority Sector Lending Plan / National Paper on Credit Potential sets the GLC (ground level credit) estimate for agriculture.
• Subsidiaries and associates: NABKISAN Finance, NABSAMRUDDHI Finance, NABFINS, NABARD Consultancy Services (NABCONS), NABVENTURES, NABFOUNDATION, NABSANRAKSHAN; NABARD is also a promoter of institutions such as the Agriculture Insurance Company and small finance bank equity in some cases.
• Resources: share capital, reserves, deposits from banks on account of PSL shortfall (RIDF, STCRC Fund, etc.), bonds (including tax-free and rural infrastructure bonds), borrowings from the Government of India, RBI and multilateral agencies.

Credit products and schemes a student must know

• Kisan Credit Card (KCC), 1998: revolving short-term crop loan limit valid five years, limit built from scale of finance × area + 10% for cost escalation + 20% for farm maintenance, with a consumption and asset-insurance component; now extended to animal husbandry and fisheries; RuPay KCC debit cards make it usable at ATMs and POS. Collateral-free limit for agriculture is ₹2 lakh after the RBI raised it from ₹1.6 lakh (announced in the 2025-26 Budget, effective from 1 January 2026).
• Modified Interest Subvention Scheme: short-term crop loans up to ₹5 lakh (enhanced from ₹3 lakh under Budget 2025-26) at 7% effective interest with a 1.5% subvention to lenders, and a 3% prompt repayment incentive bringing the rate to 4% for farmers who repay on time; a modified structure and rates apply to animal husbandry and fisheries limits - the subvention rate has been revised more than once, so cite the year of the notification.
• Scale of finance: the per-hectare crop loan norm fixed each season by the District Level Technical Committee (DLTC), chaired usually by the Lead Bank/DDM-NABARD.
• Priority sector lending certificates (PSLCs): tradable certificates that let a bank with excess PSL sell its surplus - a market instrument relevant to RRBs and SFBs.
• Other instruments: gold loans for agriculture, warehouse-receipt (negotiable warehouse receipt under WDRA) financing, e-NWR, AIF (Agriculture Infrastructure Fund) interest subvention, PM Kisan income support (not credit, but it anchors accounts), crop insurance under PMFBY as risk mitigation, FPO credit guarantee, and the Credit Guarantee Fund for agriculture infrastructure.
• Relief measures: restructuring/rescheduling of loans in notified natural calamities as per RBI's Master Directions (conversion of short-term to term loan, moratorium, fresh finance), state debt-waiver schemes (which weaken credit culture - a standard exam criticism), and SARFAESI not being applicable to agricultural land.
• Agricultural NPA norms: for short-duration crops a loan becomes NPA when instalment/interest remains overdue for two crop seasons beyond the due date; for long-duration crops (over one year), one crop season.

The multi-agency approach and current structure of supply

• Multi Agency Approach: cooperatives + commercial banks + RRBs, coordinated by the Lead Bank Scheme (district-wise lead bank), Service Area Approach (now largely relaxed) and SLBC/DCC forums.
• RRBs: set up under the RRB Act, 1976; shareholding Centre 50%, sponsor bank 35%, state government 15%; area of operation notified districts; amalgamation has cut their number sharply (sponsor-bank-wise and then state-wise consolidation, with a further round effective 1 May 2025 reducing them to 28 RRBs on a "one state, one RRB" principle). Supervised by NABARD, regulated by RBI.
• Commercial banks dominate agricultural credit by amount, particularly for term loans, agri-business and gold-backed crop loans; cooperatives still dominate in numbers of small borrowers in several states.
• Microfinance: NBFC-MFIs and SHG lending governed by RBI's Master Direction - Regulatory Framework for Microfinance Loans, 2022 (collateral-free loans to households with annual income up to ₹3 lakh, repayment outgo capped at 50% of household income, no prepayment penalty, board-approved pricing). Detail belongs to the SHG/microfinance note.
• Gaps that persist: tenant farmers and oral lessees without land records (addressed partly by JLGs and the Andhra Pradesh Licensed Cultivators Act model), small and marginal farmers' share of credit lagging their share of land, regional skew towards the south and west, crop-loan diversion, and credit-deposit ratio variation across districts.

Key points

• Rural credit - loans and financial services for farm and non-farm rural livelihoods, classified by term (short/medium/long) and by source (institutional/non-institutional).
• Cooperative Credit Societies Act, 1904 - first statute; 1912 Act allowed federal and non-credit societies; cooperation is a State subject, with a Registrar of Cooperative Societies in each state.
• ST cooperative structure - PACS (village) → DCCB (district) → StCB (state); LT structure - PCARDB/PLDB → SCARDB/SLDB.
• PACS is not a bank - no RBI licence, no deposit insurance, governed by the state Act; it is the only tier in direct contact with farmers.
• All India Rural Credit Survey, 1954 (Gorwala) - "cooperation has failed, but cooperation must succeed"; led to state partnership and SBI.
• Venkatappiah Committee, 1969 - Lead Bank Scheme and larger commercial-bank role; nationalisation spread rural branches.
• RRBs (1976) - Centre 50 : sponsor bank 35 : state 15; consolidated to 28 RRBs from 1 May 2025 under "one state, one RRB".
• CRAFICARD (Sivaraman) → NABARD Act, 1981; NABARD began operations 12 July 1982, absorbing ARDC and RBI's agricultural credit functions.
• NABARD's three roles - financial (refinance, direct lending), developmental (SHG linkage, FPOs, watershed, tribal) and supervisory (StCBs, DCCBs, RRBs).
• RIDF - created 1995-96 from commercial banks' PSL shortfall; lends to state governments for rural infrastructure.
• PLP - NABARD's district Potential Linked Credit Plan, the base for the District Credit Plan and State Focus Paper.
• Priority sector - 40% of ANBC for SCBs, 18% to agriculture, 7.5% to micro enterprises; 75% for RRBs and SFBs; PSLCs let banks trade surpluses.
• KCC (1998) - five-year revolving crop loan limit; collateral-free agricultural lending limit ₹2 lakh from 1 January 2026.
• Interest subvention - crop loans up to ₹5 lakh (raised from ₹3 lakh) at 7%, effectively 4% on prompt repayment; rates are revised periodically.
• Dual control - RCS plus RBI/NABARD over cooperative banks; the BR (Amendment) Act, 2020 tightened RBI's hold over UCBs and multi-state cooperative banks.
• 97th Amendment (2011) - Part IXB on cooperatives; struck down by the Supreme Court in 2021 for state cooperatives, retained for multi-state ones; Ministry of Cooperation since July 2021.
• Agricultural NPA - two crop seasons overdue for short-duration crops, one crop season for long-duration crops.
• Persistent weaknesses - politicisation, low recovery, regional imbalance, exclusion of tenants and oral lessees, loan waivers damaging repayment culture.

Formulas and examples

Example 1 - KCC limit. A farmer grows paddy on 2.5 ha; the DLTC scale of finance is ₹60,000 per hectare.

• Crop component = 60,000 × 2.5 = ₹1,50,000.
• Cost escalation 10% = ₹15,000.
• Farm maintenance 20% = ₹30,000.
• First-year KCC limit = 1,50,000 + 15,000 + 30,000 = ₹1,95,000. Being under ₹2 lakh, it is collateral-free under the present RBI norm; only hypothecation of crop is taken.

Example 2 - interest subvention benefit. A crop loan of ₹2,00,000 is taken for one year. Bank's lending rate under the scheme is 9%; subvention to the bank is 1.5%; prompt-repayment incentive is 3%.

• Interest at 9% = 2,00,000 × 9 /100 = ₹18,000.
• Farmer pays 7% if repayment is late (9 − 1.5 − 0.5 margin is not how it works; the scheme fixes the farmer's rate at 7%): 2,00,000 × 7/100 = ₹14,000.
• On prompt repayment the rate is 4%: 2,00,000 × 4/100 = ₹8,000.
• Saving from timely repayment = 14,000 − 8,000 = ₹6,000, i.e. 3% of the principal. Against a moneylender at 36%, interest would be ₹72,000 - the cost of staying outside the institutional system.

Example 3 - recovery and NPA of a DCCB. A district central cooperative bank has demand of ₹500 crore for the year and collects ₹390 crore.

• Overdues = 500 − 390 = ₹110 crore → Overdues % = 110/500 × 100 = 22%; Recovery = 78%.
• Gross advances ₹1,250 crore, gross NPA ₹150 crore → Gross NPA % = 150/1,250 × 100 = 12%.
• Provisions held ₹60 crore → Net NPA % = (150 − 60)/(1,250 − 60) × 100 = 90/1,190 × 100 = 7.56%.
• At 12% gross NPA the bank is well above the system average for scheduled commercial banks and will attract a NABARD supervisory action plan.

Example 4 - priority sector obligation and RIDF. A commercial bank has ANBC of ₹2,00,000 crore.

• Priority sector requirement = 40% = ₹80,000 crore; agriculture = 18% = ₹36,000 crore; micro enterprises = 7.5% = ₹15,000 crore.
• If it actually lends ₹30,000 crore to agriculture, the shortfall is ₹6,000 crore, which it must deposit with NABARD-administered funds such as RIDF at a below-market rate - a cost that is the enforcement mechanism behind PSL.

Example 5 - two-tier versus three-tier cost of credit. StCB refinance to a DCCB at 5.5%; DCCB lends to PACS at 7%; PACS lends to the farmer at 9%.

• Margin at DCCB = 1.5 percentage points; at PACS = 2 percentage points; total intermediation margin = 3.5 points.
• In a two-tier state where the StCB lends to PACS at 6%, with the same 2-point PACS margin the farmer pays 8% - one point cheaper, which is the standard argument for tier reduction; the counter-argument is loss of district-level supervision and local deposit mobilisation.

Where it is used

• NABARD roles: Assistant Manager/Manager work on PLP preparation, RIDF project appraisal, inspection of StCBs/DCCBs/RRBs, FPO and SHG promotion through DDM offices in every district.
• Cooperative and RRB banking: branch managers and field officers fixing KCC limits against scale of finance, recovery drives, NPA classification, conversion of loans after a notified calamity.
• Commercial bank agriculture desks: IBPS Agriculture Field Officers appraising dairy, poultry, farm mechanisation and warehouse-receipt loans and meeting the 18% agriculture PSL target.
• Development organisations and projects: NGOs and SHG promoting institutions acting as self-help promoting institutions (SHPIs) with NABARD grant support; watershed and wadi projects under the Watershed Development and Tribal Development Funds.
• Agri-fintech and agri-business: credit scoring from land records and e-NWR, FPO working-capital lending by NABKISAN/NABFINS, interest-subvention claim processing, PSLC trading desks.
• Policy and research: state agriculture departments, Ministry of Cooperation's PACS computerisation and multipurpose PACS roll-out, NAFIS and AIDIS survey analysis, District Credit Plan monitoring in DCC/SLBC meetings.

Interview questions

• Q: Why was NABARD created when RBI already had an agricultural credit department? A: CRAFICARD found that credit for agriculture and rural development needed an institution combining refinance, development promotion and supervision with a single focus; RBI, as the monetary authority, could not do that full-time, so its ACD and RPCC plus ARDC were merged into NABARD in 1982.
• Q: Is a PACS a bank? A: No. It is a cooperative society registered under the state Act, has no RBI banking licence, is outside the definition of a cooperative bank in the Banking Regulation Act, and its deposits are not covered by DICGC insurance.
• Q: What does "dual control" mean and why is it a problem? A: Cooperative banks answer both to the state Registrar of Cooperative Societies (registration, audit, elections, management) and to RBI/NABARD (banking regulation and supervision), producing conflicting instructions, delayed action against weak boards and politicised management.
• Q: How is a KCC limit arrived at? A: Scale of finance for the crop multiplied by area, plus 10% for cost escalation and 20% for farm maintenance, with yearly escalation over the five-year validity and a separate term-loan component for assets.
• Q: What is the effective interest rate on a crop loan under the interest subvention scheme? A: 7% up to the eligible KCC limit of ₹5 lakh (raised from ₹3 lakh), falling to 4% with the 3% prompt repayment incentive; the subvention to the lender and the eligible limits have been revised from time to time.
• Q: When does an agricultural loan become an NPA? A: When instalment or interest is overdue for two crop seasons beyond the due date for short-duration crops, or one crop season for crops with a duration above one year.
• Q: What is RIDF and where does its money come from? A: The Rural Infrastructure Development Fund, created in 1995-96 at NABARD, funded mainly by the priority sector lending shortfall of commercial banks and lent to state governments for irrigation, rural roads, bridges, drinking water and similar assets.
• Q: Explain the shareholding and supervision of an RRB. A: Central Government 50%, sponsor bank 35%, state government 15%; regulated by RBI, supervised by NABARD, and consolidated state-wise - 28 RRBs after the amalgamation effective 1 May 2025.
• Q: Why do tenant farmers still depend on moneylenders? A: They have no recorded title to offer as security and often no proof of cultivation, so banks cannot document the loan; Joint Liability Groups and state licensed-cultivator certificates are the partial answers.
• Q: What is the difference between the short-term and long-term cooperative credit structures? A: The short-term structure (PACS-DCCB-StCB) funds crop loans from deposits and NABARD SAO refinance; the long-term structure (PCARDB-SCARDB) funds investment credit, traditionally through debentures, with longer repayment and asset-based appraisal.
• Q: Do loan waivers help rural credit? A: They give immediate relief to distressed borrowers but damage repayment discipline, strain state budgets, make banks cautious about fresh lending and usually bypass those who borrow informally - most committees prefer investment, insurance and income support instead.
• Q: What is the significance of "cooperation has failed, but cooperation must succeed"? A: It is the conclusion of the All India Rural Credit Survey (1954): cooperatives had not displaced moneylenders, yet were still the right vehicle - hence state partnership in share capital, bigger societies and professional management.

Common mistakes

• Calling PACS a "cooperative bank" or assuming its deposits are insured and that RBI licenses it.
• Mixing up the two structures - putting land development banks in the three-tier short-term chain, or PACS under SCARDB.
• Saying NABARD lends directly to farmers; it refinances banks and lends to state governments, cooperative banks, FPOs and institutions, not to individual cultivators.
• Giving RRB shareholding as 50:15:35 instead of Centre 50, sponsor bank 35, state 15, or forgetting that NABARD supervises while RBI regulates.
• Applying the 90-days-overdue NPA rule to crop loans instead of the crop-season rule.
• Quoting the KCC collateral-free limit as ₹1 lakh or ₹1.6 lakh - it is ₹2 lakh from 1 January 2026 - or quoting subvention rates without the year.
• Treating the 97th Constitutional Amendment as fully operative, ignoring that Part IXB was struck down for state cooperative societies in 2021.
• Confusing priority sector targets - 40% overall with 18% for agriculture for commercial banks, against 75% for RRBs and small finance banks.

Related topics

Self-help groups and microfinance · Government schemes for farmers · Rural development programmes and VB-G RAM G · Local governance and panchayati raj · Agricultural marketing and FPOs · Financial inclusion and banking regulation