Consider the following statements regarding Regional Rural Banks (RRBs): 1. RRBs were established in 1975 following the recommendations of the Narasimham Committee on Rural Credit and formalized under the RRB Act, 1976. 2. The ownership of RRBs is shared equally between the Government of India, the concerned State Government, and the sponsor bank. 3. RRBs are regulated by the Reserve Bank of India under the Banking Regulation Act, 1949. Which of the statements given above is/are correct? |ForumIAS

[A] 1 only

[B] 2 and 3 only

[C] 1 and 3 only

[D] 1, 2, and 3

Answer: C

Notes:

Explanation:

Statement 1 is correct: RRBs were established in 1975 following the recommendations of the Narasimham Committee on Rural Credit, and formalized under the RRB Act, 1976.
Statement 2 is incorrect: The ownership of RRBs is shared among the Government of India (50%), the concerned State Government (15%), and the sponsor bank (35%), not equally.
Statement 3 is correct: RRBs are regulated by the Reserve Bank of India under the Banking Regulation Act, 1949.

Source– BL