BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which of the following organizations was specially established to operate in Gramin areas by design itself?

A	Commercial Banks
B	Central Financial Institutes
C	Private Banks
D	Regional Rural Banks

Explanation:

Detailed explanation-1: -The correct answer is NABARD. It is an apex regulatory body for the overall regulation and licensing of regional rural banks and apex cooperative banks in India. It is under the jurisdiction of the Ministry of Finance, Government of India.

Detailed explanation-2: -The Narasimham Committee had recommended the creation of Regional Rural Banks. Regional Rural Bank (RRB) is also known as a small man’s bank. It was recommended for the development of the rural economy in India.

Detailed explanation-3: -The working and affairs of the RRB are directed and managed by a Board of Directors consists of a Chairman, three directors to be nominated by the Central Government, and not more than two directors to be nominated by the State Government concerned, and not more than 3 directors to be nominated by the sponsoring bank.

There is 1 question to complete.