IAS (Admin.) IAS Mains GS Paper 3 (Science-Tech, Economy, Environment, & Disaster Management) Indian Economy and Issues-Government Budgeting Study Material (Page 7 of 8)

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Regional Rural Banks and Cooperative Banks

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Regional Rural Banks

  • Regional rural banks were established since 1975 under the provisions of the RRB act 1976 with the view to develop the rule rural economy as well as to create an alternative channel to the cooperative credit structure in order to ensure sufficient institutional credit for the rural and agricultural sector.
  • Regional rural banks were established in order to take the banking services to the doorstep of the rural masses especially in rural remote areas where there was no access to banking services.
  • These banks help in providing institutional credit …

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Financial Sector Reforms

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Narsimham Committee I

  • The process of economic reforms which were initiated in the year 1991 had redefined the role of government in the economy which means that in the coming times the economy will be dependent on the greater private participation for its development.
  • The three decades after the nationalization had seen a phenomenal expansion in the geographical coverage and financial spread of the system of banking in the country.
  • Certain weaknesses were found to have developed in the system during the late 80՚s and it was felt that these had to be addressed in order to enable the financial system to play its role usher…

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