FM changes Name of Six Regional Rural Banks Across India [Read Notification]

FM changes Name of Six Regional Rural Banks Across India [Read Notification]

The Ministry of Finance (Department of Financial Services) has recently issued a notification where it has notified the name change of six Regional Rural Banks across the country. As per the notification dated October 23, the central government, using its power under section 3(1) of the Regional Rural Banks Act, 1976 (21 of 1976), has decided to change the names of these regional rural banks as follows:

• The name of Assam Gramin Vikash Bank is being changed to Assam Gramin Bank at the request of the Punjab National Bank.

• The name of Puduvai Bharathiyar Grama Bank is being changed to Puducherry Grama Bank as requested by the Indian Bank.

• The name of Sarva Haryana Gramin Bank is being changed to Haryana Gramin Bank based on request from the Punjab National Bank.

• The name of Chhattisgarh Rajya Gramin Bank is being changed to Chhattisgarh Gramin Bank as requested by the State Bank of India.

• The name of Jharkhand Rajya Gramin Bank is being changed to Jharkhand Gramin Bank upon request by the State Bank of India.

• The name of Kerala Gramin Bank is being changed to Kerala Grameena Bank as requested by Canara Bank.

The Regional Rural Banks Act, 1976, was introduced to develop the rural areas by offering credit and other facilities to the small farmers, agricultural labourers, small enterprises, artisans, etc. This act specifies the rules and regulations for the regional rural banks. RRBs are 50% owned by the central government, 35% by the sponsor bank and 15% by the state government.