NABARD came into existence on 12 July 1982 by transferring the agricultural credit functions of RBI and refinance functions of the then Agricultural Refinance and Development Corporation (ARDC). It was dedicated to the service of the nation by the late Prime Minister Smt. Indira Gandhi on 05 November 1982. Set up with an initial capital of Rs.100 crores, its’ paid up capital stood at Rs. 14,080 crores as on 31 March 2020. Consequent to the revision in the composition of share capital between Government of India and RBI, NABARD today is fully owned by Government of India.
The eligible institutions to avail grant assistance from NABARD towards support of RBIC are
- State Agriculture Universities/ Colleges, ICAR Institutes and IITs and IIMs;
- Private Universities;
- Academic/ R & D Institutes;
- Technology/ Industrial Parks;
- Existing Incubators (Private and Public);
- Companies (for-profit as well as not for profit company (section 8));
- CSR Foundations of Corporates and
- Industry Associations etc.
Terms and Conditions of NABARD support
A RBIC should develop the following infrastructure and other facilities:
- Adequate space for multiple start-ups to operate under one roof.
- Utilities and infrastructure that are relevant for the technology sectors in which the start-ups operate.
- A well-equipped and competent team of professionals to manage the Incubator.
- An expert mentor group that is accessible to start-ups.
- Skill building programs for the incubates.
- A network of services that are critical to nurture business aspects of startups.
- Business facilitation, pre-feasibility studies, market research consultancy, networking with bankers, venture capitalists, Angel investors and markets.
- Facilitate entrepreneurs to participate in events and trade events.
- Should provide need based assistance to incubates for incorporation as company/Startup, common secretariat and legal advisory services, financial accounting, audit and its compliance, IP services, market research, social media and web presence, branding and marketing promotion to make their business ready for pilot and launch.
- Provide early stage seed fund to promising startups
- Establish the support and channels from ideation to commercialization.