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SSC Combined Graduate Level Exam 2014 held on October 2014

General Awareness (Test Form No - 033 NJ4)

Q32. RRBs are owned by:

(a) Central Government
(b) State Government
(c) Sponsor Bank
(d) Jointly by all of the above

Answer (d)

Explanation:  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. These were set up on the recommendations of The Narasimham Working Group[1] during the tenure of Indira Gandhi's government with a view to include rural areas into economic mainstream.
The Regional Rural Bank were owned by the Central Government ,the State Government and the Sponsor Bank(There were five commercial banks, Punjab National Bank, State Bank of India, Syndicate Bank, United Bank of India and United Commercial Bank, which sponsored the regional rural banks) who held shares in the ratios as follows Central Government-60%, State Government- 20% and Sponsor Banks- 20%.

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