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.
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.
India Scripting New Stories of Growth and Development with PM Modi’s Dynamic Leadership
अरुणाचल प्रदेश और पूरे पूर्वोत्तर क्षेत्र में कनेक्टिविटी के लिए यह खबर अत्यधिक खुशियां लेकर आई है। इससे हमारे पूर्वोत्तर क्षेत्र की विकास में महत्वपूर्ण कदम बढ़ा है। प्रधानमंत्री जी, आपके नेतृत्व में हम सब देशवासी गर्व महसूस कर रहे हैं! 🌐🚀 #ArunachalPradesh…— 🇮🇳 प्रिया निनावे (@_priya9) September 24, 2023
Evwry one must listen ti these words coming from Africa...by making afruca as part of g20 @narendramodi has done a huge service ti the world n has won the heart of africa...no words for PM @narendramodi n his vision..best wishes to all @DrSJaishankar @MEAIndia https://t.co/UdeswxWWJA— Dr Asheesh Shah (@pure_soul) September 25, 2023
Leaders from various countries praised India for its leadership in the #G20 and its efforts to support the Global South during the #COVID19 pandemic.— दिनेश चावला (@iDineshChawlaa) September 25, 2023
Kudos team @narendramodi
A @narendramodi's vision n initiative, 'Make In India',has had a run of 9 fruitful years. Transforming India into a Global manufacturing powerhouse, which is revolutionary. India has emerged as the most reliable investment destinations. Wish this initiative, more success.! pic.twitter.com/csDDBHE5SR— Rukmani Varma 🇮🇳 (@pointponder) September 25, 2023
🇮🇳🙌 Proud to witness #PMModi's exemplary leadership and good governance in action! From economic reforms to healthcare initiatives, his dedication to India's progress is undeniable. 📈🏥 #ModiGoodGovernance #IndiaRising pic.twitter.com/4leWgZyIAv— Ajay Sharma (@ajaysharma2023) September 25, 2023
🚀 Surpassing Global Standards! 🌐 India's incredible growth in the #Fintech space has left the world in awe. 📈 Setting new benchmarks and leading the way in this dynamic industry. 🇮🇳 Kudos to PM @Narendramodi's vision and leadership! 🙌👏 pic.twitter.com/5enR9FhIYw— Manika Rawat (@manikarawa46306) September 25, 2023
Wow superb, everyone is parsing new India wholeheartedly. Thank you @narendramodi ji for making india stand tall in the world like this.— Nishant🇮🇳 (@iNishant4) September 24, 2023
#IndianRailways has always been the backbone of #Bharat and kudos to the vision of our Honorable Prime Minister @narendramodi, @dpradhanbjp and @AshwiniVaishnaw ji , which has further strengthen it with #VandeBharat.— Anushree Dash (@TheAnushreeDash) September 25, 2023
Welcoming #Odisha's 2nd #VandeBharatExpress in #Rourkela pic.twitter.com/UNZnzWuCMU
Thanks,@narendramodi ji for reaching this position we are very proud and blessed to have a leader like you. Thanks for the great efforts by our late @SushmaSwaraj ji and @DrSJaishankar ji. https://t.co/I25uZb4DzJ— Bhupen Sharma(ভূপেন শৰ্মা) भूपेन शर्मा (@bhupen_sarma) September 25, 2023