The Regional Rural Banks Act, 1976

Extract

---

The Regional Rural Banks Act, 1976

THE REGIONAL RURAL BANKS ACT, 1976 ACT NO. 21 OF 1976

[9th February, 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.

CHAP

PRELIMINARY

CHAPTER I

PRELIMINARY

1.

Short title, extent and commencement.

1. Short title, extent and commencement.- (1) This Act may be called the Regional Rural Banks Act, 1976.

(2) It extends to the whole of India.

(3) It shall be deemed to have come into force on the 26th day of September, 1975.

2.

Definitions.

2. Definitions.- In this Act, unless the context otherwise requires,--

(a) "Board", in relation to a Regional Rural Bank, means the Board of directors of that Regional Rural Bank;

(b) "Chairman", in relation to a Regional Rural Bank, means the individual appointed or re-appointed under sub-

section (1) of section 11 as the Chairman of that bank;

(c) "director", in relation to a Regional Rural Bank, means a member of the Board of that bank;

1*[(ca) "National Bank" means the National Bank for Agriculture and Rural Development established under section 3 of the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981);]

(d) "notified area" means the local limits, specified under sub-section (1) of section 3, within which a Regional Rural Bank shall operate;

[See footnote 1 for this section]

(e) "prescribed" means prescribed by rules made under this Act;

(f) "Regional Rural Bank" means a Regional Rural Bank established under sub-section (1) of section 3;

(g) "Sponsor Bank", in relation to a Regional Rural Bank, means a bank by which such Regional Rural Bank has been sponsored;

(h) "State Government" means,--

(i) in relation to a Regional Rural Bank established in a Union territory, the Central Gov...

See the full content of this document

---