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What are the salient features of Regional Rural Banks in India?
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• Regional Rural Banks were set up by the Government of India under Regional Rural Banks act 1976
• They were established for the purpose of providing credit and other facilities to the small and marginal farmers, agricultural laborers, artisans and small entrepreneurs in rural areas;
• RRBs have been jointly set up by the Government of India, the State Government and the sponsor commercial bank
• The shares in RRBs are held in the following ratios – 50% by Government of India; 35% by Sponsor bank and 15% by State Government
• RRBs operate within specified local limits
• Initially they were set up with a capital of Rs. 1 crore which has been raised to Rs. 5 crores by RRB amendment act 1987
• Regional Rural Banks are public sector banks
• They are authorized to carry on the business of banking as defined in the Banking Regulation act 1949
• They are in a position to lend loans to the following categories – Small and marginal farmers, agricultural labourers both at the individual level and group level, cooperative societies including agricultural marketing societies or farmer service societies for agricultural and related operations
• They should also grant loans and advances to artisans, small entrepreneurs and persons of small means engaged in trade, commerce, industry or other production activities within its area of operations
• The management of RRB is vested in a nine member board of directors
• It is headed by a chairman, who is appointed by RBI
• RRBs were established on 02.10.1975 as per Regional Rural Bank act 1975
• The act was amended as RRB act 1976
• The first RRB in the country was Prathima Gramin Bank located in the state of Uttar Pradesh
• RRB act was further amended during the year as RRB act 1987 and the following are the changes as per the amendment made during 1987:
1. The authorized capital was raised from Rs. 1 crore to Rs. 5 crores
2. The chairman is to be appointed by the concerned sponsor bank in consultation with NABARD
3. The sponsor banks have to subscribe to the share capital as well as impart training to personnel and provide managerial and financial assistance for the first five years of the functioning
4. Amalgamation of two or more RRBs can be done in consultation with NABARD, concerned state government and the sponsor bank
5. Sponsor banks have been empowered to monitor the progress of their RRBs from time to time to conduct inspections, internal audits and to suggest measures to RRBs wherever necessary
6. From July 5, 2007, RBI has allowed RRBs to accept foreign currency deposits from NRIs and persons of Indian origin
• In Tamilnadu there are two Regional Rural Banks – Pandian Gramin Bank sponsored by Indian Overseas Bank and Pallavan Gramin Bank sponsored by Indian Bank
• At present there are 48 Regional Rural Banks functioning in the country
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