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.
The Prime Minister, Shri Narendra Modi has expressed deep grief over the demise of veteran actress, Sulochana and said that her cinematic legacy will live on through her works.
The Prime Minister tweeted;
“The passing of Sulochana Ji leaves a big void in the world of Indian cinema. Her unforgettable performances have enriched our culture and have endeared her to people across generations. Her cinematic legacy will live on through her works. Condolences to her family. Om Shanti.”
The passing of Sulochana Ji leaves a big void in the world of Indian cinema. Her unforgettable performances have enriched our culture and have endeared her to people across generations. Her cinematic legacy will live on through her works. Condolences to her family. Om Shanti.
— Narendra Modi (@narendramodi) June 4, 2023
सुलोचनाजींच्या निधनामुळे भारतीय चित्रपट विश्वात एक मोठी पोकळी निर्माण झाली आहे. त्यांच्या अविस्मरणीय भूमिकांमुळे आपली संस्कृती समृद्ध झाली आहे आणि रसिकांच्या अनेक पिढ्यांनी त्यांच्यावर प्रेम केले आहे.
— Narendra Modi (@narendramodi) June 4, 2023