Q. Consider the following statements regarding Regional Rural Banks (RRB’s):
1.RRB’s were formed in 1975.
2.RRB’s were providing credit to the weaker sections of the society at concessional rate of interest.
Which of the statements given above is/are correct?
Answer: C
Notes:
Explanation: The Regional Rural Banks (RRBs) were first set up on 2 October, 1975 (only 5 in numbers) with the aim to take banking services to the doorsteps of the rural masses specially in the remote areas with no access to banking services with twin duties to fulfill
- To provide credit to the weaker sections of the society at concessional rate of interest who previously depended on private money lending, and
- To mobilize rural savings and channelize them for supporting productive activities in the rural areas.
Source: TMH Ramesh Singh
