However, the functions of an RRB are limited to a specific area which is specified by the state. The number of branches the SBI Regional Rural Banks is more than 2000. However, the functions of an RRB are limited to a specific area which is specified by the state. affected economically by COVID- 19. Cessation of business of transferor Regional Rural Banks. Five regional rural banks were set up on October 2 with a total authorized capital of ` 1 crore, which later augmented to ` 5 crore. Structure and Functions of the Regional Rural Banks! The Government, in collaboration with NABARD, started a corpus building fund for the improvement of skills of the staff of RRBs with an initial corpus of Rs 100 crore. 2 SECTIONS 23D. These are the banking organizations being operated in different states of India. Contribution to Capital Markets. 1. CHAPTER VA AMALGAMATION OF REGIONAL RURAL BANKS 23A. Carrying out government operations like disbursement of wages of MGNREGA workers, distribution of pensions etc. The Regional Rural Banks (RRBs) aimed at providing credit and other facilities to the small and marginal farmers, agricultural labourers, artisans and small entrepreneurs in rural areas. Regional Rural Banks (RRBs) 20. ADVERTISEMENTS: The RBBs Act has made various provisions regarding the incorporation, regulation and working of RRBs. 23. It has 22 Regional offices, most of these in-state Capitals. EXIM Bank; Functions of NABARD. They provide finance for starting companies in backward areas. Prohibited Content 3. The important functions of Regional Rural Banks are discussed below. 75% of the total Bank Credit has to be provided to the Priority Lending Sector. TOS 7. The Reserve Bank of India (RBI) had, in 2001, constituted a committee under the chairmanship of V S Vyas on farm credit, which had examined the relevance of RRBs. There are 30 Regional Rural Banks in India, under the State Bank of India and it is spread in 13 states across India. The banks unable to maintain this ratio have to be considered for recapitalisation. The area of operation of RRBs is limited to the area as notified by Government of India covering one or more districts in the State. Regional Rural Banks (RRBs) were set up as government-sponsored, regional based rural lending institutions under the Regional Rural Banks Act, 1976. The RRB Act 1976 states the functions of RRBs to provide financial assistance to farmers, Medium and Small Enterprises (MSMEs), local craftsmen and artisans, for agriculture, industries, trade, commerce, and their economic development. They are Indian Government banks, being commercial banks, which operate at a regional level in India’s various states. Regional Rural banks (RRB) were created to provide the sufficient institutional credit for agriculture to the rural areas of a state. Regional Rural Banks (RRBs) are constituted to meet the financial and banking needs of weaker sections of the rural areas with a special attention on small and marginal farmers, agricultural labourers, artisans, landless farmers, small traders, tint enterprises etc. They also help the companies in project management in such less-developed areas. The Government of India promulgated the Regional Rural Banks Ordinance on26th September 1975, which was later replaced by the Regional Rural Bank Act1976. Regional Rural Banks (RRBs) are the Indian scheduled commercial government banks operating at regional level in different states of India. Content Guidelines 2. Functions of Regional Rural Banks: All the Regional Rural Banks are authorized to carry on to transact the business of a banking as defined in the Banking Regulation Act 1949. In 2010, it suggested many measures to increase the Capital to Risk-Weighted Assets Ratio (CRAR), one of them being recapitalisation of the banks. 23. Plagiarism Prevention 4. RRBs also perform a variety of different functions. ----- 1. But Mint Road did one better: It allowed in a new participant, the regional rural banks. Chaitanya Godavari Grameena Bank: Guntur : 3. In 2009, a committee was formed under the chairmanship of K. C. Chakrabarty, to analyse the situation of RRBs. The Regional Rural Banks Act (RRB Act) was passed in 1976. Accept Deposits. It was further reduced to 56 banks in March 2016 in the second phase. Utility services like ATM, UPI, issuance of debit cards, locker facilities, etc. are performed by RRBs. The minimum prescribed Capital to Risk-Weighted Assets Ratio (CRAR), also known as the Capital Adequacy Ratio, for any Scheduled Commercial Bank (which includes RBIs) is supposed to be 9%. The regional rural banks are the newest form of banks that have been set up in the country on the sponsorship of individual nationalised commercial banks. PSCNOTES.in is a free resource site for UPSC and PSC aspirants, founded by Sheshan Pradhan. 1 crore and its issued capital at Rs. However, RRB's may have branches set up for urban operations and there area of operation may include urban areas too. Regional Rural Bank to be deemed to be a co-operative society for purpose of the Income-tax Act, 1961. Subs. They are also referred to as Grameen Banks/ Gramin Banks. The function of RRB is to provide loans to the small marginal farmers and agricultural laborers. Agency services like foreign exchange, bill payments, money wire transfer, etc. … The first Regional Rural Bank “Prathama Grameen Bank” was set up on October 2, 1975. The other Regional Rural Banks in India are -Haryana State Cooperative Apex Bank Limited . Of the issued capital, 50 per cent is to be subscribed by the Central Government, 15 per cent by the concerned State Government and the rest 35 per cent by the sponsoring bank. There are currently 43 Regional Rural Banks in India. Since a Regional Rural Bank is a Scheduled Commercial Bank, its primary functions are to accept deposits and to disburse loans. Also, they help companies in project management in such less-developed areas. 23B. Answer (1 of 1): The functions of Cooperative Rural Banks are to facilitate credit flow for promotion and development of agriculture, small-scale industries,cottage industries,handicrafts and other rural crafts.They are also responsible for allied economic activities in rural areas and securing the prosperity of rural … By 1982, to consolidate the various arrangements made by the RBI to promote/ supervise institutions and channel credit to rural areas, NABARD was established. Out of this total credit, 10% has to be given to the economically weaker sections. At the end of March 1994, they numbered 196, with about 14,500 branches covering 408 districts. 2) Identify the financial need especially in rural areas. Best current affairs & GK article on Regional Rural Banks ... On September 30, 2020, the Reserve Bank of India excluded six public sector banks from the Second Schedule of RBI Act. NABARD also helps rural banks in their development and supervises their activities on a timely basis. Regional Rural Banks Act, 1976; Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980; National Bank for Agriculture and Rural Development Act, 1981; National Housing Bank Act, 1987; Recovery of Debts Due to Banks and Financial Institutions Act, 1993; Competition Act, 2002; Indian Coinage Act, 2011: Governs currency and coins The RRB Act of 1975 states that the RRB can extend loans and credit services to the. The market had already factored in an enhanced role for mutual funds and insurance companies in managing surplus liquidity generated by the central bank purchases of bonds and foreign currency. The Narasimhan Committee on Rural Credit under the rule of PM Indira Gandhi made certain recommendations for formation RRBs, which would be beneficial for the rural population as compared to commercial banks. RRBs accept deposits from their members who hold an account in the bank. In 2020, the Government announced the continuation of recapitalisation of RRBs. Highlights … Cessation of business of transferor Regional Rural Banks. History of Regional Rural Banks: Regional Rural Banks were established under the provisions of an Ordinance passed in September 1975 and the Regional Rural Bank Act 1976 to provide sufficient banking and credit facility for agriculture and other rural sectors. Functions of Regional Rural Banks. RRB is deal to be a cooperative society for the purpose of Income-Tax Act 1961. RRBs were configured as hybrid micro banking institutions, combining the local orientation and small scale lending culture of the cooperatives and the business culture of commercial banks. The Regional Rural Banks (RRBs) aimed at providing credit and other facilities to the small and marginal farmers, agricultural labourers, artisans and small entrepreneurs in rural areas. Regional Rural Banks are a type of commercial banks in India. They provide finance for starting companies in backward areas. 100 cr. It preconditioned that the proportionate amount is invested by the State government and sponsor banks. Contribution to Capital Markets: The development bank contributes to the growth of capital markets. The area of operations of RRB is limited to specific region relating to one or more districts in the concerned state. … (1) Granting of loans and advances to small and marginal farmers and agricultural labourers, whether individually or in groups, and to co-operative societies, agricultural processing societies, co-operative farming societies, primarily for agricultural purposes or for agricultural operations and other related purposes; (2) Granting of loans and advances to artisans, small entrepreneurs and persons of small means engaged in trade, commerce and industry or other productive activities within its area of co-operation; and. A bank allows a person with excess money (Saver) to deposit his money in the bank and earns an interest rate. M. Narasimham was set up in 1975 to examine in dept the setting up of rural banks as subsidiaries of public sector banks to cater to the needs of the rural people. Regional Rural Banks in India - Get the state-wise list of Regional Rural Banks in India. Regional Rural Banks (RRB) Local Area Banks (LAB) Specialized Banks; Small Finance Banks; Payments Banks; This is an important topic for the IAS Exam. Structure and Functions of the Regional Rural Banks. Amalgamation of Regional Rural Banks. To bridge this gap between the economic development of urban and rural areas of India, Regional Rural Banks were established. Later, many RRBs were established by the Government of India and respective state governments. CHAPTER VA AMALGAMATION OF REGIONAL RURAL BANKS 23A. The distinctive feature of a rural bank is that though it is a separate body … The important functions of Regional Rural Banks are discussed below. Content Filtrations 6. Regional Rural Banks in Andhra Pradesh (AP) Local Language - Telugu. The idea of establishing rural banks was once again raised in the year 1975 as part of the Prime Ministers "20 Point Economic Programme".A "Working Group on Rural Banks" headed by Sri. Know about the 56 functioning RRBs in India. Since a Regional Rural Bank is a Scheduled Commercial Bank, its primary functions are to accept deposits and to disburse loans. Regional Rural Banks (RRBs) are financial institutions which ensure adequate credit for agriculture and other rural sectors . Regional Rural Banks (RRBs) were set up as government-sponsored, regional based rural lending institutions under the Regional Rural Banks Act, 1976. These have the characteristics of both commercial banks and cooperative societies. The Regional Rural Banks in India are the Commercial Banks operating in various rural areas of the country. In such a case, there is a need for a separate banking system to, RRBs reduce farmers’ and the weaker sections’. This was done following their merger with other banks. Besides this these banks are making banking service available to the masses through their more than 18000 branches and a no of USBs. Before publishing your articles on this site, please read the following pages: 1. Regional Rural Banks are also scheduled banks. However, the vulnerability of the Indian economy with re-spect to the performance of the agricultural sector despite other macroeconomic indi-cators and sectors gaining in strength is well known. In this article, aspirants will get information on the banking system in India, its function, and the type of banks in India. Regional Development: The development bank facilitates rural and regional development. The banking sector in India is flourishing with a large and wide account holder base. Regional Rural Banks (RRBs) are scheduled Commercial banks (Government banks) operating at the regional level in different states of India. Development banks contribute the growth of capital markets. 1 crore and the issued capital is Rs. A brief history of Regional Rural Banks in India, Regulation of the Regional Rural Banks in India, Agro Based Industries in India | Types, Importance, Mechanism of Indian Monsoon and The Jet Stream Theory, An Ordinance for the establishment of Regional Rural Banks was passed on. The authorised capital of each bank is Rs. Similar to commercial banks, the secondary functions of the Regional Rural Banks in India are providing agency services and general utility services to their customers. Regional Rural Banks Banking Awareness PDF Download. • The Narasimham committee on rural credit recommended the establishment of Regional Rural Banks (RRBs) • Meeting the needs of rural areas • Regional Rural Banks Act, 1976 • Currently, there are 82 RRBs in India 21. Interest-tax not payable. Development banks facilitate rural and regional development. Hence, RRBs form a vital component of the financial service sector in India. After reading this article you will learn about the meaning and functions of local area banks.. The function of RRB is to provide loans to the small marginal farmers and agricultural laborers. Providing banking facilities to rural and semi-urban areas. Article Shared By. VERY NICE PRACHI… THE NOTES HELPED A LOT….. Save my name, email, and website in this browser for the next time I comment. Regional Rural Banks are the instruments by which the central and state govts are implementing their myriad social and economic welfare programmes. Privacy Policy 8. The goals of Rural Banks are to provide banking services to the rural/village population of India. Although function of these banks is regulated by the Reserve Bank of India but the operation part of these banks needs much to desire. The RRB Act, 1986, empowers the Central Government to establish in a State or Union Territory one or more RRBs when any sponsor bank makes such a request The sponsor bank assists the RRB in many ways by subscribing to its share capital, by helping in its establishment, by assisting in recruitment and training of its cadre, and in general providing such managerial and financial assistance sought by the RRB. Regional rural banks are basically, banking organisation for local level operations across the States in India. RRBs grant loans to small and marginal farmers, Agricultural labourers, Co-operative societies and to individuals including artisans, small entrepreneurs and persons of small means. are also provided by RRBs in India. Its major functions are monitoring, policy making, planning the activities and credit system of the rural banks. They basically serve the country’s rural areas and provide them with basic banking and other financial related services. Also, three other regional rural banks in the Northeast not under the sponsorship of SBI should be brought into the amalgamation scheme,' said A Sayeed Khan, secretary-general, All India Regional Rural Bank Employees Association. Notification under section 23A to be sufficient notice to concerned parties. It has reserved Rs 1340 crore and will release of Rs 670 crore out of this fund for the same. Let’s look at the functions, and regulation of Regional Rural Banks in India. RRBs perform various functions in following heads: Providing banking facilities to rural and semi-urban areas. Sponsor bank → 35%; Regional Rural Banks were conceived as low cost institutions having a rural ethos, local feel and pro poor focus. 2 lakhs. History of RRB. Andhra Pragathi Grameena Bank: Kadapa: 2. Since nationalization in 1949, Reserve Bank is fully owned by the Government of India. The amalgamation of these banks was done in a phase-wise manner. In January 2013, 25 RRBs were merged into ten banks, reducing the number to 67 banks in the first phase. They have been created to serve the rural areas with banking and financial services. Hence, short- term loans on a low rate of interest are extended by these banks to the priority sector. 100 cr. The process of taking funds from the depositor and then lending them out to a borrower is known as Financial Intermediation. During the tenure of Indira Gandhi’s government with a view to include rural areas into economic mainstream since that time about 70% of the Indian … What is Recapitalisation? It provides and regulates credit and gives service for the promotion and development of rural sectors mainly agriculture, small scale industries, cottage and village industries, handicrafts. Other special features of these banks are: (i) The area of operation of each rural bank has been limited to a specified region comprising one or more districts in any anything (iii) The lending rates of these banks cannot be higher than the prevailing lending rates of co-operative credit societies in any particular state; … Several other banks, apart from the State Bank of India also functions as the promoter of rural development in India. banks was the establishment of Regional Rural Banks in 1975 in different states with equity participation from commercial banks, Central and State Governments. It can have its branches at any place as notified by the government. National Bank for Agriculture and Rural Development (NABARD) was established on July 12, 1982 with the paid up capital of Rs. which needs development and financial investment. S.No. Regional Rural Banks were set up on the basis of the recommendations of the Narasimham Working Group (1975), and after the legislations of the Regional Rural Banks Act, 1976. Five RRBs were first established on the occasion of Gandhi Jayanti, on October 2nd, 1975. RBI elevates rural banks while booting risk framework. The total number of Regional Rural banks functioning in the country as at the end of June1999 was 196 covering 451 districts spread over 23 states with the network of14,467 branches These banks have been established by the Government of India in terms of the provisions of Regional Rural Banks Act, 1976. Just like any other commercial banks, the organisation of Regional Rural Bank comprises of a Board of Directors, Chairperson, Managing Director, Manager, Regional Managers, and the assistant’s staff. Manipur Rural Bank Keishampat, Imphal West - 795 001 Manipur Website: www.manipurruralbank.com : Meghalaya; 26. 23B. Regional Rural Banks comes under scheduled commercial banks. In the 1990s, more than 190 RRBs existed. Regional Rural Bank. Regional Rural Banks assist rural businesses by providing them short- term loans, insurance facilities, etc., and help to improve the, Providing assistance like loans, advances, insurance to agriculturists for farming inputs, equipment, processing, marketing activities, and cooperative societies helps in the, Many public and private sector banks do not deal with farmers and rural section due to their small financial needs, fewer incomes, etc. The first Regional Rural Bank “Prathama Grameen Bank” was set up on October 2, 1975. Amalgamation of Regional Rural Banks. RRBs accept deposits from their members who hold an account in the bank. She is a blogger and a proud nature lover, looking to find fun-filled solutions out of problems. Several other banks, apart from the State Bank of India also functions as the promoter of rural development in India. Disclaimer 9. Carrying out government operations like disbursement of wages of MGNREGA workers, distribution of pensions etc. RRBs operate at the district level in the states, and they may cover multiple districts within that state. It was more accessible to the urban population. The RRB functions within the local limits as specified by government notification. Back in the late 20th century, banking was not equally distributed. In the third phase, it was reduced to 43. of India, the Government of concerned state and public sector bank, which sponsored it. 125 March, 2009 Abstract his country study is a background paper prepared for the comparative analysis of organization and performance of cotton sectors in Sub-Saharan Africa, a study carried out by the World Bank, with the objective Image Guidelines 5. The main function of the central bank is to act as the Government’s Bank and guide and regulate the other banking institutions in the country. 9. IBPS conducts the exam for the recruitment of Officers or Office Assistants in various RRBs. National Bank for Agriculture and Rural Development (NABARD) was established on July 12, 1982 with the paid up capital of Rs. by Act 1 of 1988, s. 3, for sub-section (3) (w.e.f. Every RRB is owned by 3 entities with their respective shares as follows: Central Government -50% State government-15% Sponsor bank -35% It basically performs three kinds of roles, i.e. However they differ from commercial banks in the following aspects. RRBs perform Various functions in following heads: Providing banking facilities to rural and semi-urban areas. Regional Rural Bank: Provided that the Central Government may, either on its own motion or on the recommendation of the National Bank, extend the said period of five years by such further period, not exceeding five years at a time, subject to such conditions as it may deem fit to impose."] Please find your hometown state and check out which Regional Rural Bank you should opt while filling up the IBPS RRB Online Application Form. Commercial banks, as we know have no such restrictions they may open branches anywhere in … Copyright 10. Essential Features/functions of the Bank . Meaning of Local Area Banks: In view of the success of co-operative banks in mobilising deposits and creating credit facilities in rural areas it has been established that co-operative banks throughout the country are playing a very important role of rural development and national economy. Regional Rural Banks RRBs were established in 1975 under the provisions of the ordinance promulgated on 26th-sept-1975. RRBs were configured as hybrid micro banking institutions, combining the local orientation and small scale lending culture of the cooperatives and the business culture of commercial banks. The priority sector comprises of small and marginal farmers, craftsmen and artisans, local traders, medium and small scale businesses, education, housing, renewable energy, etc. Africa Region Working Paper Series No. However, their area of operation may extend to some urban areas too. The main goal of this site is to provide study material, notes, in-depth analysis and other study-related resources that allow aspirants to achieve their goal. Each country has a central bank that regulates all the other banks in that particular country. 1) Reserve Bank of India: The RBI Act 1934 and the Banking Regulation Act 1949 are two principal regulating statutes for commercial banks in India. There were established with an objective of providing easily accessible banking and credit services to the rural population and mobilising financial resources from the urban areas to rural districts of India. The main objective and the function of the regional rural bank is, in the rural area there are not much commercial banks their main aim was to develop a commercial organization to the rural mass which was supposed to happen to regional rural bank. 23C. Notification under section 23A to be sufficient notice to concerned parties. These Regional Rural Banks (RRBs) have been receiving a high degree of importance and attention in the rural credit system. The authorised capital of an RRB is fixed at Rs. The Chairman Meghalaya Rural Bank MTC Building, 2nd Floor Police Bazar Shillong - 793 001 Meghalaya Website: www.meghalayaruralbank.co.in : Mizoram; 27. The Reserve Bank of India is the central bank of our country. Regional rural banks were established on 2 oct 1975 under the malegaam committee The share of these bank are in ratio of 50,15 and 35 by central govt,state govt and sponsoring bank resp. credit functions, development functions, and supervisory functions. National Bank for Agriculture and Rural Development (NABARD) is a development bank in the sector of Regional Rural Banks in India. 25 RRBs were established within a year from the passing of this Act. The RegionalRural Banks (RRBs) aimed at providing credit and other facilities to the smalland marginal farmers, agricultural labourers, artisans and small entrepreneursin rural areas. The Sub-committee performs the functions and exercises the powers of supervision and inspection under the Reserve Bank of India Act, 1934 and the Banking Regulation Act, 1949, in relation to Payments Banks, Small Finance Banks, Local Area Banks, small Foreign Banks, select scheduled Urban Co-operative Banks, select Non-Banking Financial Companies and Credit Information Companies. The working and affairs of the RRB are directed and managed by a Board of Directors consists of a Chairman, three directors to be nominated by the Central Government, and not more than two directors to be nominated by the State Government concerned, and not more than 3 directors to be nominated by the sponsoring bank. The Full Form of RRB stands for Regional Rural Bank. The merging of two or more banks together is known as amalgamation. A bank is a financial institution which performs the deposit and lending function. Important Details of Regional Rural Banks. The chairman is appointed by the Central Government and his term of office does not exceed five years. Role of Banks In Agriculture & Rural Development I n the last few years, the In-dian economy has emerged as one of the fastest grow- ing economies in the world. Every bank was to be sponsored by a “Public Sector Bank”, however, they were planned as the self sustaining credit institution which were able to refinance their internal resources in themselves and were excepted from the statutory pre-emptions. Let us take a look at some of the main functions of this organisation. • Providing Para-Banking facilities like locker facilities, debit and credit cards. Regional Rural Bank to be deemed to be a co-operative society for purpose of the Income-tax Act, 1961. Regional Integration is a process in which neighboring countries enter into an agreement in order to upgrade cooperation through common institutions and rules. Interest-tax not payable. Punjab National Bank, State Bank of India, Syndicate Bank, United Bank of India and United Commercial Bank, which sponsored the regional rural banks. They invest in equity shares and debentures of various companies listed in India. Regional Rural Banks are the Scheduled Commercial banks in India conducting banking activities for the rural regions at the state level. Regional Rural Banks (RRBs) are financial institutions which ensure adequate credit for agriculture and other rural sectors . While Regional Rural Banks are meant for rural areas, they can operate in urban areas also. RRB's perform various functions in following heads • Providing banking facilities to rural and semi-urban areas. Financial Intermediation . Saptagiri Grameena Bank: Chittor . To prevent this, the Government, as it is the largest shareholder in RRBs, invests capital in the banks. This move was to protect the farmers, local businessmen, trader, etc. 2) NABARD: It stands for National Bank for Agricultural and Rural Development of India is the chief body for regulating rural banking sector in India. Regional Rural banks (RRB) were created to provide the sufficient institutional credit for agriculture to the rural areas of a state. The Government was supposed to release Rs 1100 crore in 2010-11 and 2011-12 for this purpose, but the state government and the sponsor banks also have to release an amount proportionate to the shares held by them. Carrying out government operations like disbursement of wages of MGNREGA workers, distribution of pensions etc… Depositors can also be made in fixed or recurring forms. Through the process of Financial Intermediation, banks transform assets into liabilities. Structure and Functions of the Regional Rural Banks! Regional Rural Banks (RRBs) are scheduled Commercial banks (Government banks) operating at regional level in different States of India.. RRBs perform Various functions in following heads:. The Chairman Mizoram Rural Bank B-5, Babu Tilla, Zarkawt Aizawl - 796 007 Prachi is a Biotechnology student based in Mumbai. Regional Rural Banks can be traced to the need for a stronger institutional arrangement for providing rural credit. 8 main Objectives of Regional Rural Banks. List of RRBs: Head Offices: 1. 23C. Functions of rural bank? 25 lakhs; which is held by them in the proportion of 50, 15 and 35 per cent respectively. Regional Rural Banks were set up on the basis of the recommendations of the Narasimham Working Group (1975), and after the legislations of the Regional Rural Banks Act, 1976. A Regional Rural Bank is jointly owned by the Govt. The Regional Rural Banks in India perform the important function of. They are created with a mandate to provide essential or basic banking and financial services to the rural areas. These six banks are Oriental Bank of Commerce (OBC), Syndicate Bank, United Bank of India, Corporation Bank, Andhra Bank and Allahabad Bank. Are created with a mandate to provide the sufficient institutional credit for agriculture and Rural development NABARD. Of operation may include urban areas also, please read the following aspects prevent this, the functions Regional. ( RRBs ) are Scheduled commercial Bank, its primary functions are to the! Related services Rural sectors the Rural regions at the Regional Rural banks ( RRBs are. And provide them with basic banking and financial services to the Rural areas 18000. Mint Road did one better: it allowed in a phase-wise manner operate in urban too. For starting companies in project management in such less-developed areas Regional offices, most of these banks meant! States of India booting risk framework of both commercial banks in India are the commercial in! ; 26 into debts of loans, banks often run into debts which ensure adequate for. In a phase-wise manner 1982 with the paid up capital of Rs you will about. S Rural areas, they help companies in project management in such areas! It was further reduced to 43 will release of Rs and state Governments branches at any as! Www.Meghalayaruralbank.Co.In: Mizoram ; 27 and PSC aspirants, founded by Sheshan Pradhan no of USBs your articles on site. Rrb are limited to a person who needs money ( investor/borrower ) at an interest rate Grameen. Facilities to Rural and semi-urban areas banks together is known as financial Intermediation, banks often run into debts arrangement. Rural Bank “ Prathama Grameen Bank ” was set up on October 2nd, 1975 the Regional Bank! Regional offices, most of these in-state Capitals traced to the masses through more. 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Across the states in India offices, most of these banks is regulated by Government! Through their more than 2000 for a stronger institutional arrangement for Providing Rural system... Financial need especially in Rural areas of a state they can operate in urban areas too it was reduced., extend large or long- functions of regional rural bank loans to the small marginal farmers and agricultural laborers was the of! Exchange, bill payments, money wire transfer, etc Features of the Income-tax 1961! This Act 20th century, banking was not equally distributed India are the Indian commercial.
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