Section 7
Shares to be approved securities.
The Regional Rural Banks Act, 1976
About this Act
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.
Notwithstanding anything contained in the Acts hereinafter
mentioned in this section, the shares of a Regional Rural Bank shall be deemed to be included among the
securities enumerated in section 20 of the Indian Trusts Act, 1882 (2 of 1882), and shall also be deemed
to be approved securities for the purposes of the Banking Regulation Act, 1949 (10 of 1949).