Explanation:

Initially, the land development banks were instituted in the form of co-operative land mortgage banks. The first co-operative land mortgage bank was established at Jhind, in Punjab in 1920.
A real beginning was made by the establishment of the Central Land Mortgage Bank in Madras in 1929. Later on, the movement spread too many other states.
The land mortgage banks grant long-term loans to the farmers against the conveyance of land as security. Since, 1966-67, the land mortgage banks are renamed as land development banks.
The Land Development Banks (LDBs) are essentially co-operative institutions. All the LDBs are registered under the Co-operative Societies Act.