RIDF (Syllabus: GS Paper 3 – Economy)

Context: The Secretary of the Department of Finance Services (DFS) chaired the stakeholder’s meeting on the Rural Infrastructure Development Fund (RIDF) recently.

Rural Infrastructure Development Fund (RIDF)

• Establishment: The Rural Infrastructure Development Fund (RIDF) was established in 1995-96.
• Implementing Agency: The National Bank for Agriculture and Rural Development (NABARD) oversees RIDF.
• Inception: RIDF was introduced within NABARD as part of the Union Budget for 1995-96.
• Objective: RIDF aims to provide affordable financial support to State Governments and State-Owned Corporations to expedite ongoing projects related to medium and minor irrigation, soil conservation, watershed management, and other rural infrastructure initiatives.
• Funding: NABARD manages and maintains the fund.

NABARD

• About: It is an apex regulatory body for the overall regulation of regional rural banks and apex cooperative banks in India.
• Establishment: 1982.
• Ministry: Ministry of Finance, Government of India.
• Owned by: The Government of India.