The National Bank for Agriculture and Rural Development Act, 1981

The National Bank for Agriculture and Rural Development (NABARD) Act, 1981 was enacted to establish a national bank to provide credit for agricultural and rural development. The act establishes the National Bank for Agriculture and Rural Development (NABARD) as the apex institution in the country responsible for providing and regulating credit and other facilities for the promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts, and other allied economic activities in rural areas. The act also provides for the constitution of the board of directors, the powers and functions of the bank, the management and administration of the bank, and other related provisions.