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4th phase of consolidation of RRBs
November 10 , 2024
19 days
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- The Finance Ministry has initiated the fourth round of consolidation for Regional Rural Banks (RRBs).
- 15 RRBs operating in various states would be merged.
- The number of such banks is likely to come down to 28 from 43 at present.
- It includes Andhra Pradesh, which has the maximum number of RRBs (4), Uttar Pradesh and West Bengal (3 each), and Bihar, Gujarat, Jammu & Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Odisha and Rajasthan (2 each).
- The Centre had initiated structural consolidation of RRBs in 2004-05.
- It has resulted in reduction of such institutions from 196 to 43 till 2020-21 through 3 phases of amalgamation.
- These banks were formed under the RRB Act, 1976.
- They aim to provide credit and other facilities to the small farmers, agricultural labourers and artisans in rural areas.
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