Insta
Big Bank Reforms: Modi Government Consults States Over Merger Of RRBs
Farmers in a paddy field (Ramnath Bhat/Flickr/WikiCommons)
The Narendra Modi government has initiated discussions with state governments to bring down the number of regional rural banks (RRBs) from 56 to 36 by consolidating some of the RRBs, Economic Times has reported.
The consolidation exercise of RRBs has been a continuous one since 2006 when their numbers were brought down to 133 from 196. By 2012, the number of RRBs was 82 before the tally was brought down to 56.
The Act was amended in 2015 in order to raise capital from other sources as well. However, the government has to retain a stake of more than 51 per cent at all times.
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