National Bank for Agricultural and Rural Development (NABARD) was set up in 1982 through the NABARD Act, 1981, as an apex financial institution for the development and flow of credit to agriculture, small scale industries, cottage and village industries, rural sector, handicrafts and other rural crafts. NABARD also has a mandate to promote the integrated and sustainable development of rural areas. It also frames policies and guidelines for rural financial institutions and provides financial assistance to various issuing financial institutions and banks through refinancing. NABARD also monitors the flow of ground-level rural credit. NABARD is wholly owned by the GoI, with effect from March 31, 2018.