Act Number: 21

Act Name: The Regional Rural Banks Act, 1976

Year: 1976

Enactment Date: 1976-02-09

Long Title: 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: Ministry of Finance

Department: Department of Financial Services

Section 17: Staff of Regional Rural Banks.
    (1) A Regional Rural Bank may appoint such number of officers and other employees as it may consider necessary or desirable 1 [in such manner as may be prescribed] for the efficient performance of its functions and may determine the terms and conditions of their appointment and service:
     Provided that it shall be lawful for a Sponsor Bank, if requested so to do by a Regional Rural Bank sponsored by it, to send, 2 *** such number of officers or other employees on deputation to the Regional Rural Bank as may be necessary or desirable for the efficient performance of its functions:
     Provided further that the remuneration of officers and other employees appointed by a Regional Rural Bank shall be such as may be determined by the Central Government, and, in determining such remuneration, the Central Government shall have due regard to the salary structure of the employees of the State Government and the local authorities of comparable level and status in the notified area.
     (2) Notwithstanding anything contained in the Industrial Disputes Act, 1947 (14 of 1947), or any other law for the time being in force, no award, judgment, decree, decision or order of any industrial tribunal, court or other authority, made before the commencement of this Act, shall apply to the terms and conditions in relation to the persons appointed by a Regional Rural Bank.
     (3) The officers and other employees of a Regional Rural Bank shall exercise such powers and perform such duties as may be entrusted or delegated to them by the Board.
    
Notes:
1. Ins. by s. 11, ibid. (w.e.f. 28-9-1988).
2. The words ", during the first five years of the functioning of a Regional Rural Bank," omitted by s. 11, ibid. (w.e.f. 28-9-1988).
Previous Section Next Section
Scroll to Top