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THE REGIONAL RURAL BANKS ACT, 1976

Title : THE REGIONAL RURAL BANKS ACT, 1976

Year : 1976

[Act No. 21 of 1976]
[9th February, 1976]


PREAMBLE

[As Amended by Act 66 of 1988]

An Act to provide for the incorporation, regulation and winding up of Regional Rural Banks with a view to developing the rural economy by providing, for the purpose of development of agriculture, trade, commerce, industry and other productive activities in the rural areas, credit and other facilities, particularly to the small and marginal farmers, agricultural labourers, artisans and small entrepreneurs, and for matters connected therewith and incidental thereto.

Be it enacted by Parliament in the Twenty-seventh year of the Republic of India as follows.-

Statements of Objects and Reasons

1. The Regional Rural Banks Ordinance, 1975 (13 of 1975), was promulgated by the President to provide for the incorporation, regulation and winding up of Regional Rural Banks with a view to developing the rural economy by providing, for the purpose of development of agriculture, trade, commerce, industry and other productive activities in the rural areas, credit and other facilities particularly to the small and marginal farmers, agricultural labourers, artisans and small entrepreneurs and for matters connected therewith and incidental thereto.

2. The Regional Rural Banks are intended in combine the local knowledge and familiarity of rural problems which the co-operatives possess and the degree of business organisation, ability to mobilise deposits, access to central money markets and a modernised outlook which the commercial banks have. This basic approach of the Regional Banks will distinguish it from the co-operatives on the one hand and the existing commercial banks on the other.

3. To ensure that in their functioning, the Regional Rural Banks observe utmost economy, it has been statutorily provided that, in determining the remuneration of the officers and employees appointed by the Regional Rural Banks, the Central Government shall have due regard to the salary structure of the employees of comparable level and status of the State Government and the local authorities.

4. The Bill seeks to replace the Ordinance.



(1) This Act may be called the Regional Rural Banks Act, 1976.

(2) It extends to the whole of India.

(3) It shall be deemed to have come into force on the 26th day of September, 1975.



In this Act, unless the context otherwise requires,-

(a) "Board", in relation to a Regional Rural Bank, means the Board of directors of that Regional Rural Bank;

(b) "Chairman", in relation to a Regional Rural Bank, means the individual appointed or re-appointed under sub-section (1) of Section 11 as the Chairman of that bank;

(c) "Director", in relation to a Regional Rural Bank, means a member of the Board of that bank;

1*[(ca) "National Bank" means the National Bank for Agriculture and Rural Development established under Section 3 of the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981);]

(d) "Notified area" means the local limits, specified under sub-Section (1) of Section 3, within which a Regional Rural Bank shall operate;

(e) "prescribed, means prescribed by rules made under this Act;

(f) "Regional Rural Bank" means a Regional Rural Bank established under sub-section (1) of Section 3;

(g) "Sponsor Bank", in relation to a Regional Rural Bank, means a bank by which such Regional Rural Bank has been sponsored;
(h) "State Government'" means,-

(i) In relation to a Regional Rural Bank established in a Union territory, the Central Government;

(ii) In relation to a Regional Rural Bank established in a State, the Government of that State;

(i) Words and expressions used herein and not defined but defined in the Reserve Bank of India Act, 1934 (2 of 1934), shall have the meanings respectively assigned to them in that Act;

(j) Words and expressions used herein and not defined either in this Act or in the Reserve Bank of India Act, 1934 (2 of 1934), but defined in the Banking Regulation Act, 1949 (10 of 1949), shall have the meanings respectively assigned to them in the Banking Regulation Act, 1949.

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1. Inserted by Act 1 of 1988, w.e.f. 28-9-1988.

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Last updated on August, 2016

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