The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, today approved the amendments in the Regional Rural Banks (RRBs) Act, 1976 to enhance authorized and issued capital to strengthen their capital base and to bring flexibility in the shareholding between Central Government, State Government and Sponsor Bank. The term of the non-official directors appointed by the Central Government will be fixed not exceeding three years.
The amendments will ensure financial stability of RRBs which will enable them to play a greater role in financial inclusion and meeting credit requirements of rural areas and the Board of RRBs will be strengthened.
Background:
Regional Rural Banks were established under Regional Rural Banks Act, 1976 (the RRB Act) to create an alternative channel to the cooperative credit structure and to ensure sufficient institutional credit for the rural and agriculture sector. RRBs are jointly owned by Government of India, the concerned State Government and Sponsor Banks with the issued capital shared in the proportion of 50 percent, 15 percent and 35 percent respectively. As per provisions of the Regional Rural Banks Act, 1976 the authorized capital of each RRB is Rs. five crore and the issued capital is maximum Rs one crore.
Published By : Admin | December 2, 2014 | 20:20 IST
Login or Register to add your comment
Explore More
Popular Speeches
No ifs and buts in anybody's mind about India’s capabilities: PM Modi on 77th Independence Day at Red Fort
Nm on the go
Always be the first to hear from the PM. Get the App Now!
Prime Minister Narendra Modi to visit Varanasi
September 21, 2023
PM to lay the foundation stone of the International Cricket Stadium in Varanasi
Design of stadium draws inspiration from Lord Shiva
PM to inaugurate 16 Atal Awasiya Vidyalayas built across Uttar Pradesh at a cost of about Rs 1115 crores
PM to participate in the closing ceremony of Kashi Sansad Sanskritik Mahotsav 2023
Prime Minister Shri Narendra Modi will visit Varanasi on 23rd September, 2023. At around 1:30 PM, Prime Minister will lay the foundation stone of the International Cricket Stadium in Varanasi. At around 3:15 PM, Prime Minister will reach Rudraksh International Cooperation and Convention Centre and will participate in the closing ceremony of Kashi Sansad Sanskritik Mahotsav 2023. He will also inaugurate 16 Atal Awasiya Vidyalaya built across Uttar Pradesh, during the programme.
International cricket stadium in Varanasi will be a step towards realising Prime Minister’s vision to develop modern world class sports infrastructure. The modern international cricket stadium, to be built in Ganjari, Rajatalab, Varanasi will be developed in more than 30 acre area, at a cost of about Rs 450 crores. The thematic architecture of this stadium draws inspiration from Lord Shiva, with designs developed for crescent shaped roof covers, trident shaped flood-lights, ghat steps based seating, Bilvipatra shaped metallic sheets on the facade. The stadium will have a capacity of 30,000 spectators.
With an aim to further enhance access to quality education, Sixteen Atal Awasiya Vidyalaya across Uttar Pradesh, built at a cost of about Rs 1115 crores, have been started exclusively for children of labourers, construction workers and orphans due to COVID-19 pandemic, with an aim to provide quality education and help in holistic development of Children. Each school is constructed in an area of 10-15 acres with classrooms, sports ground, recreational areas, a mini auditorium, hostel complex, mess and residential flats for staff. These residential schools intend to eventually accommodate 1000 students each.
Prime Minister’s vision to strengthen the cultural vibrancy of Kashi has led to the conceptualization of Kashi Sansad Sanskritik Mahotsav. The Mahotsav witnessed the participation of more than 37,000 persons across 17 disciplines, who displayed their skills in singing, instrumental playing, nukkad natak, dancing etc. The meritorious participants will get a chance to showcase their cultural skills during the programme at Rudraksh International Cooperation and Convention Centre.
Posted via www.narendramodi.in