BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Companies Act, 1956
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RRBs Act, 1976
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RBI Act, 1935
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Banking Regulation Act, 1949
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Detailed explanation-1: -The regulatory authority for Regional Rural Bank in India is NABARD. Under the provisions of an Ordinance passed on 26 September 1975 and the RRB Act 1976, regional rural banks were formed to provide appropriate banking and credit facilities for agriculture and other rural sectors.
Detailed explanation-2: -NABARD-National Bank For Agriculture And Rural Development.
Detailed explanation-3: -Regional Rural Banks were established under the provisions of an Ordinance passed on 26 September 1975 and the RRB Act 1987 to provide sufficient banking and credit facility for agriculture and other rural sectors.
Detailed explanation-4: -As a result, five RRBs were set up on 2 October 1975 on the recommendations of the Narsimhan Committee on Rural Credit, during the tenure of Indira Gandhi’s government. The purpose was to include rural areas into the economic mainstream since around 70% of the Indian population was rural.