National Bank for Agricultural and Rural Development- NABARD was established in July, 1982 on the recommendations of the CRAFICARD committee, whose chairman was B. Shivaraman. The Agricultural Refinance Corporation established in 1963 by the Reserve Bank of India was renamed as Agricultural Refinance and Development Corporation (ARDC) in 1975.
NABARD provides two types of financial assistance :
1. It provides long term loans to state cooperative banks, regional rural banks, and commercial banks.
2. NABARD provides long term loans to the state government for cooperating towards cooperative credit institutions.
