After much speculation, Nabard has finally appointed Prakash Bakshi as its chairman.

He is assuming charge at a difficult time. Nabard was set up to ensure credit flows for agriculture and rural development, a vitally important role in this country. But, over the years, agricultural production has come to lag behind agricultural credit, raising questions about how the credit flows are being used. There are other challenges. Some of which are well known — like the Microfinance Bill that Nabard is drafting. And some others that are less known.

For more on what these challenges are, um, click hither.