Act 21 of 1976

The Regional Rural Banks Act, 1976

An Act to provide for the incorporation, regulation and winding up of Regional Rural Banks with a view to developing the rural economy by providing, for the purpose of development of agriculture, trade, commerce, industry and other productive activities in the rural areas, credit and other facilities, particularly to the small and marginal farmers, agricultural labourers, artisans and small entrepreneurs, and for matters connected therewith and incidental thereto.

  • Ministry of Finance
  • Department of Financial Services
  • Enacted 1976-02-09
  • 37 sections
SectionTitle
1 Short title, extent and commencement. Read
2 Definitions. Read
3 Establishment and incorporation of Regional Rural Banks. Read
4 Offices and agencies. Read
5 Authorised capital. Read
6 Issued capital. Read
7 Shares to be approved securities. Read
8 Management. Read
9 Board of directors. Read
10 Term of office of director. Read
11 Chairman. Read
12 Disqualifications. Read
13 Vacation of the seat of directors. Read
14 Meetings of Board. Read
15 Committees of Board. Read
16 Fees and allowances of directors and members of committees. Read
17 Staff of Regional Rural Banks. Read
18 Business which a Regional Rural Bank may transact. Read
19 Closure of accounts. Read
20 Annual report to be furnished to the shareholders. Read
21 Disposal of profits. Read
22 Regional Rural Bank to be deemed to be a co-operative society for purpose of the Income-tax Act, 1961. Read
23 Interest-tax not payable. Read
23A Amalgamation of Regional Rural Banks. Read
23B Notification under section 23A to be sufficient notice to concerned parties. Read
23C Cessation of business of transferor Regional Rural Banks. Read
23D Liquidation of Regional Rural Banks. Read
24 Power of Central Government to give directions. Read
24A Inspection, audit and scrutiny by the Sponsor Bank. Read
25 Obligations as to fidelity and secrecy. Read
26 Bar to liquidation of Regional Rural Bank. Read
27 Defects in appointment or constitution not to invalidate acts or proceedings. Read
28 Indemnity of directors, etc. Read
29 Power to make rules. Read
30 Power to make regulations. Read
31 Removal of difficulties. Read
32 Act to override the provisions of other laws. Read
Scroll to Top