Abhishek Rai

NABARD (National bank for agriculture and rural development). It has been formed to serve following objective: Promote sustainable and equitable agriculture and rural development through participative financial and non-financial interventions, innovations, technology and institutional development for securing prosperity. As it is apex body for meeting the credit needs of all types of agricultural and rural development The major functions of NABARD are as follows: It provides refinancing facilities to State Co-operative Banks (SCBs), Land Development Bank (LDBs), Regional Rural Banks (RRBs) and other approved financial institutions for financing rural economic activities. It co-ordinates all agricultural and rural development activities with the objective of tying them up with planned development activities in the rural sector. It provides short-term, medium-term and long-term credit to SCBs, LDBs, RRBs and approved financial institutions. It provides long-term assistance (not exceeding 20 years) to State Governments. It has the responsibility of inspecting co-operative banks and RRBs. It maintains a research and development fund to promote research in agriculture and rural development.