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
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Prime Minister condoles passing away of former Prime Minister Dr. Manmohan Singh
December 26, 2024
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India mourns the loss of one of its most distinguished leaders, Dr. Manmohan Singh Ji: PM
He served in various government positions as well, including as Finance Minister, leaving a strong imprint on our economic policy over the years: PM
As our Prime Minister, he made extensive efforts to improve people’s lives: PM
The Prime Minister, Shri Narendra Modi has condoled the passing away of former Prime Minister, Dr. Manmohan Singh. "India mourns the loss of one of its most distinguished leaders, Dr. Manmohan Singh Ji," Shri Modi stated. Prime Minister, Shri Narendra Modi remarked that Dr. Manmohan Singh rose from humble origins to become a respected economist. As our Prime Minister, Dr. Manmohan Singh made extensive efforts to improve people’s lives.
The Prime Minister posted on X:
India mourns the loss of one of its most distinguished leaders, Dr. Manmohan Singh Ji. Rising from humble origins, he rose to become a respected economist. He served in various government positions as well, including as Finance Minister, leaving a strong imprint on our economic policy over the years. His interventions in Parliament were also insightful. As our Prime Minister, he made extensive efforts to improve people’s lives.
India mourns the loss of one of its most distinguished leaders, Dr. Manmohan Singh Ji. Rising from humble origins, he rose to become a respected economist. He served in various government positions as well, including as Finance Minister, leaving a strong imprint on our economic… pic.twitter.com/clW00Yv6oP
— Narendra Modi (@narendramodi) December 26, 2024
“Dr. Manmohan Singh Ji and I interacted regularly when he was PM and I was the CM of Gujarat. We would have extensive deliberations on various subjects relating to governance. His wisdom and humility were always visible.
In this hour of grief, my thoughts are with the family of Dr. Manmohan Singh Ji, his friends and countless admirers. Om Shanti."
Dr. Manmohan Singh Ji and I interacted regularly when he was PM and I was the CM of Gujarat. We would have extensive deliberations on various subjects relating to governance. His wisdom and humility were always visible.
— Narendra Modi (@narendramodi) December 26, 2024
In this hour of grief, my thoughts are with the family of… pic.twitter.com/kAOlbtyGVs
Posted via www.narendramodi.in