Set up on 12th July 1982 under an act of Parliament by initially merging the A.C.D. and R.P. cell of RBI and the entire undertaking of ARDC, the NABARD is an Apex Development Bank of the country for supporting and promoting agriculture and rural development.
It promotes sustainable and equitable agriculture and rural development through effective credit support, related services, institution building and other innovative initiatives.
It has the Head Office in Mumbai and Regional Office in almost all the state capitals. For Orissa, it has the R.O. in Bhubaneswar. Besides, the ROs have opened District Offices at the District level. District Office of Keonjhar was opened on 26.11.91 to serve as a link between the district and the R.O.
NABARD provides refinance for S/T, M/T and L/T credit to eligible institutions viz. Comm Banks, SCBs, RRBs, SCARDBs etc.
It also has developmental functions:-