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- The RRB (Regional Rural Bank) was established on 2 October 1975 under the RRB Act 1976
- Total RRB’s – 43
- The credit behind the establishment of RRB in India goes to MSSwaminathan and Md.Yunus.
- PRATHAMA Bank was the first RRB in India sponsored by Syndicate Bank and opened in Moradabad, U.P.
- There are no RRBs in 2 states Sikkim and Goa in India
- RRB’s are regulated by NABARD
- Central Government (50% share)
- State Government (15% share)
- Sponsored Bank (35% share)
- Established on 12 July 1982 on the recommendation of Shiv Raman Committee
- Head office in mumbai
- The Chairman of NABARD is Chintala Govinda Rajulu
- It is the central institute for financing agriculture and rural areas.
- It facilitates re-finance through RRBs and cooperative banks
- It provides re-finance facility of PSL (Priority Sector Loans)
- Examples: Agriculture / fisheries / agriculture / cottage industries / handicraft / handloom and other rural development
- The main objective of RRBs is to provide loans to rural population.
- First RRB to be established in Eastern Region of India Gau Gram Bank (West Bengal)
- Goa, Sikkim, New Delhi are states that do not have RRB’s.
- The Prime Minister of India was Indira Gandhi during the establishment of RRB
- KCChakraborthy Committee suggested recapitalization of RRBs in 2009
- The main problems of RRB were high NPA, poor deposit mobilization, debit waiver scheme, multi-governmental control