BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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scheduled commercial banks
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non-scheduled banks
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nationalised banks
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co-operative banks
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Detailed explanation-1: -For the purpose of the Income Tax act 1961 (43 of 4 1961) or any other enactment for the time being in force relating to any tax on income, profits or gains, a regional rural bank shall be deemed to be a Co-operative society. Hence assessee is a Co-operative society for the purposes of Income Tax act 1961; .
Detailed explanation-2: -Like other public sector Banks RRBs are established by Govt. of. India and are scheduled & notified by Reserve Bank of India. RRBs are jointly owned by Government of India(GOI), Sponsor Bank and the concerned State Government and with share proportion 50%, 35% & 15% respectively.
Detailed explanation-3: -Regional Rural Banks were established under the provisions of an ordinance passed on 26 September 1975 and the RRB Act 1976 to provide sufficient banking and credit facility for agriculture and other rural sectors.
Detailed explanation-4: -These were set up as government-sponsored, regional based rural lending institutions under the Regional Rural Banks Act, 1976. Mission of RRBs is to fulfil the credit needs of the relatively unserved sections in the rural areas, small and marginal farmers, agricultural labourers and socio-economically weaker sections.