Section List

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