Regional Rural Banks –क्षेत्रीय ग्रामीण
Regional Rural Banks – क्षेत्रीय ग्रामीण बैंक What is regional rural banks? The banks are as same as Gramin banks which are the Indian government scheduled banks. These banks operate in the different states of India at a regional level. The banks were created to provide the best banking services to the people that live in India’s rural area. These services include financial and banking basic services. Regional Rural Banks can provide branches in the urban areas and offer operations for these areas too.
The Indian government
The Indian government dictates the areas that Regional Rural Banks can provide service, this can include more than one area. The regional rural banks perform a variety of functions including providing facilities for banking in the rural areas and semi-rural areas. They also provide some government operations including wage disbursement for MGMREGA workers and pension distribution. They will also provide facilities for para-banking including locker facilities and both credit and debit cards.
These banks were established in 1975 under an ordinance passed in September of the same year. The regional rural act provides facilities for banking and credit for the rural sector and agriculture. The banks were established during the Indira Gandhi government. It was on the recommendation of the working group of the Narshimham committee. This process was done in an attempt to include in the mainstream economy of, the rural areas. Almost seventy percent of the Indian population since then is rural oriented.
The development processes
Regional rural bank development process began in 1975. This was at the same time the first of these banks, the Prathama Bank, was created with a small investment capital. Many things happen around this time including the five rural banks that were also established. The banks are owned by the central and state government. The banks were established to provide banking services especially the credit requirements of the rural society. It is difficult to assess the performance of a bank such as this. To find out a bit more about the top regional rural banks you can visit regional bank wiki web page for a bit more insight on the services they provide. If you are seeking financial services in the rural areas of India you need to check out the services provided by these types of banks.