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When was the Regional Rural Banks Act passed in India?
6. When was the Regional Rural Banks Act passed in India?
- 1904
- 1948
- 1976
- 1995
Answer: C) 1976
Explanation:
Regional Rural Banks were set up under the arrangements of a law passed on 26 September 1975 and the RRB Act 1976 to give adequate banking and credit office for farming and other country areas. Thus, five RRBs were set up on 2 October 1975 on the suggestions of the Narsimha Committee on Rural Credit, during the residency of Indira Gandhi's administration. The design was to incorporate rustic regions into the financial standard since around 70% of the Indian populace was country.