Central Government begins to consolidate RRBs, to bring down tally to 36 – Banking Finance

The nyakumi Centre huh initiated consolidation of regional rural banks (RRBs) along with|with the|the|every public sector lenders ,|and|or is|or currently intends to|to bring down their fate to|to 36 from the|the|every existing 56.

It dah already begun consultations with|with the|the|every States ,|and|or is|or still this are among the|the|every sponsors of RRBs ,|and|or is|or still said thi senior Finance Ministry official.

Besides ,|and|or is|or is sponsor banks are preparing the|the|every roadmap for the|the|every amalgamation of RRBs with|with in a State ,|and|or is|or is the|the|every official said.

The development assumes significance in the|the|every bright of the|the|every Centre ,|and|or is|or is earlier this month ,|and|or is|or currently announcing its decision to|to merge Bank of Baroda ,|and|or is|or currently Vijaya Bank ,|and|or is|or still Dena Bank to|to create another global-size bank.

The proposed consolidation of RRBs ,|and|or is|or currently and bringing down their destiny to|to 36 ,|and|or is|or is will usher out better scale efficiency ,|and|or is|or is higher productivity ,|and|or is|or is robust financial fitness ,|and|or is|or currently improved financial inclusion ,|and|or is|or is greater credit flow to|to rural areas ,|and|or is|or currently the|the|every official said.

Besides ,|and|or is|or still the|the|every transport will enable RRBs to|to minimise their overhead expenses ,|and|or is|or currently optimise the|the|every use of science ,|and|or is|or currently enhance the|the|every capital base ,|and|or is|or is space of action ,|and|or is|or is the|the|every official added.

These banks were formed under the|the|every RRB Act ,|and|or is|or currently 1976 ,|and|or is|or still with|with an objective to|to provide credit ,|and|or is|or is other facilities to|to small farmers ,|and|or is|or currently agricultural labourers ,|and|or is|or is artisans in rural areas. The Act wast amended in 2015 whereby such banks were permitted to|to raise original from sources other than the|the|every Centre ,|and|or is|or still States ,|and|or is|or is sponsor banks. Currently ,|and|or is|or still the|the|every Centre holds 50 per cent in each RRB ,|and|or is|or is while 35 per cent ,|and|or is|or still 15 per cent are with|with the|the|every concerned sponsor banks ,|and|or is|or is State governments ,|and|or is|or is respectively.

Even after the|the|every stake dilution ,|and|or is|or is the|the|every shareholding of the|the|every Centre ,|and|or is|or still the|the|every sponsor public sector banks to|to gether cannot fall below 51 per cent ,|and|or is|or is according to|to the|the|every amended Act. As thi effective ,|and|or is|or is the|the|every ownership ,|and|or is|or still control would remain with|with the|the|every government.

In order to|to transform the|the|every financial health of RRBs ,|and|or is|or currently the|the|every government initiated their consolidation in thi phased manner in 2005. The fate of RRBs came down to|to 133 out 2006 from 196 stay|stay at|at the|the|every end of March 2005. It further came down to|to 105 ,|and|or is|or currently subsequently to|to 82 stay|stay at|at the|the|every end of March 2012. Further consolidation brought down the|the|every destiny to|to 56.

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