Regional rural bank
Government banks at regional level / From Wikipedia, the free encyclopedia
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Regional Rural Banks (RRBs) are government owned scheduled commercial banks of India that operate at regional level in different states of India. These banks are under the ownership of Ministry of Finance, Government of India, Sponsered Bank and concerned State Government in the ratio of 50:35:15 respectively. They were created to serve rural areas with basic banking and financial services. However, RRBs also have urban branches.
Company type | Government owned Banks |
---|---|
Industry | Banking, financial services |
Founded | 2 October 1975; 48 years ago (1975-10-02) |
Number of locations | 21871 [citation needed] |
Products | Retail banking, corporate banking, investment banking, mortgage loans, wealth management, debit cards, UPI, internet banking, mobile banking, finance and insurance |
Owner | Government of India (50%), Nationalised Banks (35%), State Governments (15%) |
Parent | Ministry of Finance, Government of India |
The area of operation is limited to the area notified by the government of India covering, and it covers one or more districts in the State. RRBs perform various functions such as providing banking facilities to rural and semi-urban areas, carrying out government operations like disbursement of wages of MGNREGA workers and distribution of pensions, providing para-banking facilities like locker facilities, debit and credit cards, mobile banking, internet banking, and UPI services.[1]