The full form of NABARD is National Bank for Agriculture and Rural Development. The major functions of NABARD are as follows:
It acts as an apex body for meeting the credit needs of all types of agricultural and rural development.
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.