After the proposal of an establishment of a Regional Association that promotes cooperation and facilitates mutual exchange of information and expertise in the field of rural finance at a regional seminar on Agricultural Credit for Small Farmers in Asia in October 1974, the rural finance and agricultural credit institutions in the region formally launched APRACA during its first General Assembly Meeting in New Delhi, India in October, 1977.

The vision of APRACA is rural development with special focus on the poor. The mission is to promote efficiency and effectiveness of rural finance and access to sustainable financial services. The strategy is to realize the vision and fulfil the mission through innovations in rural finance. APRACA is an association of government and non-governmental institutions, bodies and agencies in Asia and the Pacific region particularly involved directly or indirectly in rural and agricultural credit, and generally in development of rural and agricultural sector. It is an autonomous body having the capacity of legal personality with its office premises in FAO Regional Office for Asia and the Pacific (FAO RAP), Bangkok, Thailand.

Officers of the Bank are selectively deputed to overseas training programmes, seminars, workshops/exposure study visits and international meets. Assistance for the purpose is provided by various agencies including APRACA.