Rajya Sabha passed the Regional Rural Banks (Amendment) Bill, 2014. With this, the bill has been passed by both houses of the Parliament. It was passed by the Lok Sabha on 18 December 2014. The Regional Rural Banks (Amendment) Bill, 2014 that seeks to amend the Regional Rural Banks (RRB) Act, 1976 was introduced by the Union Minister of Finance, Arun Jaitley. It seeks to amend the RRB Act, 1976 which mainly provides for the incorporation, regulation and winding up of Regional Rural Banks (RRBs). It removes the five year limit cap that was put on the sponsor banks to assist the upcoming RRBs under the RRB Act, 1976. As per the Act, sponsor banks were liable to train personnel and provide managerial and financial assistance for the first five years.
Note:
For more updates on topics asked in CLAT, keep visiting CLAT Gurukul which is a knowledge sharing initiative of The Knowledge Tree, Patna’s premier coaching institute for CLAT and for other law entrance exams like AILET, SET, LSAT etc.
