राष्ट्रीय कृषी व ग्रामीण विकास बँक या शिखर संस्थेची स्थापना खालील कारणामुळे करण्यात आली :
(1) कृषी पुनर्रचीत पतपुरवठा विकास मंडळाचा (ARDC) पतपुरवठ्यातील सहभाग कार्यक्षम नव्हता.
(2) राष्ट्रीय सहकारी विकास मंडळास (NCDC) निर्धारित उद्देश साध्य करता आले नाहीत.
(3) कृषी पतपुरवठा विभाग (ACD) वाढीवर मागणीनुसार पुरवठा करण्यास असमर्थ होता.
(4) वरीलपैकी नाही

The correct answer is Option A (Role of ARDC was inadequate and insufficient).

Key Points:
• Core Concept
• The National Bank for Agriculture and Rural Development (NABARD) was established on 12 July 1982 on the recommendations of the B. Sivaraman Committee (CRAFICARD) under Act 61 of 1981.
• Why Correct
• Prior to NABARD, agricultural refinance operations were managed by the Agricultural Refinance and Development Corporation (ARDC) alongside the Reserve Bank's Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC).
• CRAFICARD observed that the institutional scope, coverage, and developmental role of the ARDC were inadequate, insufficient, and fragmented to meet the massive term-lending and rural regeneration requirements of the economy.
• Hence, ARDC was merged and replaced by NABARD as a unified apex refinancing statutory corporation.
• Key Details
• NABARD took over the entire refinancing functions of the ARDC and the refinancing functions of the RBI relating to State Co-operative Banks and RRBs.
• Exam Traps
• While ACD was also integrated, the primary institutional body superseded and entirely taken over was the ARDC due to its structural limitations in addressing expanding rural credit.
• Other Options
• NCDC (Option 2) remains an autonomous statutory corporation under the Ministry of Cooperation focusing on cooperatives.
• Option 4 is invalid as Option 1 captures the foundational rationale.
• Key Takeaway: NABARD was set up in 1982 to replace ARDC, whose refinancing capacity and coverage were found inadequate for rural credit.