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Regional Rural banks incurs loss of Rs 2,206 crore for the FY20.

by Ayushi Sahu
October 7, 2020
in Business
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Regional Rural banks incurs loss of Rs 2,206 crore for the FY20.
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According to the data released by the National Bank for Agriculture and Rural Development (Nabard), the Regional Rural banks (RRBs) of India has incurred loss of Rs. 2,206 crores for the year ending on 3st march 2020. The loss for the financial year 2018-19 was recorded as 652 crores of RRBs. As per the data, 26 RRBs earned profit of Rs 2,203 crore, while 19 incurred losses of Rs 4,409 crore, in the FY20. Deposits and advances of RRBs increased by 10.2 per cent and 9.5 per cent, respectively during FY2019-20. The funding needs of regional rural banks (RRBs) and district cooperative banks will be checked by the National Bank for Agriculture and Rural Development (Nabard) on Monday as they get ready for partial lockdown operations. Nabard is loaded with a Rs 5,25 trillion balance sheet.

“We are assessing how much was due to them. The picture will become clear by the end of month,”

Harsh K Bhanwala, Nabard Chairman

Contents

  • 1 What is NABARD?
    • 1.1 Function of NABARD.
  • 2 What are RRBs?
    • 2.1 List of Some Regional Rural Banks

What is NABARD?

National Bank for Agriculture and Rural Development (NABARD) , an Indian Regulatory Body, is an apex development finance institution. On 12 July 1982, NABARD came into being through the transition of the RBI ‘s agricultural credit functions and the refinancing functions of the then Agricultural Refinance and Development Company (ARDC). It was committed to the nation’s service by the late Prime Minister, Smt. On 05 November 1982, Indira Gandhi. Reserve Bank of India is the central bank of the country with sole right to regulate the banking industry and supervise the various institutions/banks that also include NABARD.

Function of NABARD.

As a development bank, NABARD is mandated to provide and regulate credit and other facilities for the promotion and development of agriculture, small-scale industries, cottage, and village industries, crafts and other rural crafts, and other related economic activities in rural areas with a view to promoting the promotion of agriculture, small-scale industries, and rural crafts.

What are RRBs?

Indian Scheduled Commercial Banks (Government Banks) that operate at regional level in different parts of the country are Regional rural banks. RRBs are accepted and have legal meaning by the constitution. Act No. 21 of 1976 of the Federal Rural Banks Act of 1976. The purpose for the introduction of RRBs is to provide better banking and financial services in the rural areas. The main goal of establishing regional rural banks in India was to provide credit to the rural people who are not economically strong enough, especially the small and marginal farmers, artisans, agricultural labors, and even small entrepreneurs. Regional Rural Banks are regulated RBI and supervised by National Bank for Agriculture and Rural Development (NABARD). Till 1st April 2020, there are 43 regional rural banks working in different parts of the country.

The Government of India recently approved the recapitalization of Regional Rural Banks (RRBs) to improve their Capital to Risk Weighted Assets Ratio (CRAR)

List of Some Regional Rural Banks

  • Andhra Pragathi Grameena Bank[4]
  • Andhra Pradesh Grameena Vikas Bank[5]
  • Chaitanya Godavari Gramin Bank
  • Saptagiri Gramin Bank
  • Arunachal Pradesh Rural Bank
  • Assam Gramin Vikash Bank
  • Dakshin Bihar Gramin Bank
  • Uttar Bihar Gramin Bank
  • Chhattisgarh Rajya Gramin Bank
  • Baroda Gujarat Gramin Bank
  • Saurashtra Gramin Bank
  • Sarva Haryana Gramin Bank
Tags: banksfinancial yearloss
Ayushi Sahu

Ayushi Sahu

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