For the first time in India, regional rural banks were opened in ________.

Question

Question

This question was previously asked in

RPF SI (2018) Official Paper (Held On : 16 Jan 2019 Shift 3)

Answer 1

The correct answer is 1975

Key Points

1975 is the year when regional rural banks were first opened in India.
Regional Rural Banks (RRBs) were established under the Regional Rural Banks Act, 1976.
The main objective of RRBs is to provide credit and other facilities to small and marginal farmers, agricultural laborers, artisans, and small entrepreneurs in rural areas.
They play a significant role in the development of the rural economy by providing financial services and promoting financial inclusion.

Additional Information

Regional Rural Banks were established based on the recommendations of the Narasimham Working Group, which suggested the establishment of such banks to cater to the rural population.
The first RRB in India, Prathama Bank, was established on 2nd October 1975 in Moradabad, Uttar Pradesh.
RRBs are jointly owned by the Government of India, the concerned State Government, and the Sponsor Bank, with shares in the ratio of 50:15:35 respectively.
Since their inception, RRBs have been instrumental in providing banking and financial services to the rural masses, thus contributing to rural development and poverty alleviation.