by aditya abhishek
Regional Rural Banks were founded in accordance with a Ordinance enacted on September 26, 1975, and the RRB Act of 1987.
The mission was to provide sufficient banking & credit facilities for agriculture and other rural sectors to help improve infrastructure, services and the rural economy.
In 2023, there are a total of 43 Regional Rural Banks in India. These RRBs are regulated by the Reserve Bank of India & National Bank For Agriculture and Rural Development.
These 43 RRBS were established to provide credit to the small, marginal farmers, agricultural laborers, small artisans, etc. in rural areas.
For recruitment of fresh candidates, Regional Rural Banks conduct the IBPS RRB exam every year. It is divided into two parts Pre and Mains.
The RRBS were designed as hybrid micro-banking organizations that had features like cooperatives' local orientation and provided small-scale credit as per rural needs.
Thus it helped the rural population to get credit for buying seeds, machines, fertilizers, shops, etc. which improved their living standards.
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