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Central Government Act
The Regional Rural Banks Act, 1976
The Regional Rural Banks Act, 1976

1. Short title, extent and commencement.—
(1) This Act may be called the Regional Rural Banks Act, 1976. tc "1. Short title, extent and commencement.—(1) This Act may be called the Regional Rural Banks Act, 1976."
(2) It extends to the whole of India. tc "(2) It extends to the whole of India."
(3) It shall be deemed to have come into force on the 26th day of September, 1975. tc "(3) It shall be deemed to have come into force on the 26th day of September, 1975."
2. Definitions.—In this Act, unless the context otherwise requires,— tc "2. Definitions.—In this Act, unless the context otherwise requires,—"
(a) “Board”, in relation to a Regional Rural Bank, means the Board of directors of that Regional Rural Bank; tc" (a) “Board”, in relation to a Regional Rural Bank, means the Board of directors of that Regional Rural Bank;"
(b) “Chairman”, in relation to a Regional Rural Bank, means the individual appointed or re-appointed under sub-section (1) of section 11 as the Chairman of that bank; tc" (b) “Chairman”, in relation to a Regional Rural Bank, means the individual appointed or re-appointed under sub-section (1) of section 11 as the Chairman of that bank;"
(c) “director”, in relation to a Regional Rural Bank, means a member of the Board of that bank; tc" (c) “director”, in relation to a Regional Rural Bank, means a member of the Board of that bank;"
1 [(ca) “National Bank” means the National Bank for Agriculture and Rural Development established under section 3 of the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981);] tc" 1[(ca) “National Bank” means the National Bank for Agriculture and Rural Development established under section 3 of the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981);]"
(d) “notified area” means the local limits, specified under sub-section (1) of section 3, within which a Regional Rural Bank shall
(e) “prescribed” means prescribed by rules made under this Act; tc" (e) “prescribed” means prescribed by rules made under this Act;"
(f) “Regional Rural Bank” means a Regional Rural Bank established under sub-section (1) of section 3; tc" (f) “Regional Rural Bank” means a Regional Rural Bank established under sub-section (1) of section 3;"
(g) “Sponsor Bank”, in relation to a Regional Rural Bank, means a bank by which such Regional Rural Bank has been sponsored; tc" (g) “Sponsor Bank”, in relation to a Regional Rural Bank, means a bank by which such Regional Rural Bank has been sponsored;"
(h) “State Government” means,— tc" (h) “State Government” means,—"
(i) in relation to a Regional Rural Bank established in a Union territory, the Central Government; tc" (i) in relation to a Regional Rural Bank established in a Union territory, the Central Government;"
(ii) in relation to a Regional Rural Bank established in a State, the Government of that State; tc" (ii) in relation to a Regional Rural Bank established in a State, the Government of that State;"
(i) words and expressions used herein and not defined but defined in the Reserve Bank of India Act, 1934 (2 of 1934), shall have the meanings respectively assigned to them in that Act; tc" (i) words and expressions used herein and not defined but defined in the Reserve Bank of India Act, 1934 (2 of 1934), shall have the meanings respectively assigned to them in that Act;"
(j) words and expressions used herein and not defined either in this Act or in the Reserve Bank of India Act, 1934 (2 of 1934), but defined in the Banking Regulation Act, 1949 (10 of 1949), shall have the meanings respectively assigned to them in the Banking Regulation Act, 1949.
3. Establishment and incorporation of Regional Rural Banks.—
(1) The Central Government may, if requested so to do by a Sponsor Bank, by notification in the Official Gazette, establish in a State or Union territory, one or more Regional Rural Banks with such name as may be specified in the Notification and may by the said or subsequent notification, specify the local limits within which each Regional Rural Bank shall operate. tc "3. Establishment and incorporation of Regional Rural Banks.—(1) The Central Government may, if requested so to do by a Sponsor Bank, by notification in the Official Gazette, establish in a State or Union territory, one or more Regional Rural Banks with such name as may be specified in the Notification and may by the said or subsequent notification, specify the local limits within which each Regional Rural Bank shall operate."
(2) Every Regional Rural Bank shall be a body corporate with perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract and may sue and be sued in its name. tc "(2) Every Regional Rural Bank shall be a body corporate with perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract and may sue and be sued in its name."
2 [(3) It shall be the duty of the Sponsor Bank to aid and assist the Regional Rural Bank, sponsored by it, by— tc "1[(3) It shall be the duty of the Sponsor Bank to aid and assist the Regional Rural Bank, sponsored by it, by—"
(a) subscribing to the share capital of such Regional Rural Bank; tc" (a) subscribing to the share capital of such Regional Rural Bank;"
(b) training personnel of such Regional Rural Bank; and tc" (b) training personnel of such Regional Rural Bank; and"
(c) providing such managerial and financial assistance to such Regional Rural Bank during the first five years of its functioning, as may be mutually agreed upon between the Sponsor Bank and the Regional Rural Bank: tc" (c) providing such managerial and financial assistance to such Regional Rural Bank during the first five years of its functioning, as may be mutually agreed upon between the Sponsor Bank and the Regional Rural Bank\:" Provided that the Central Government may, either on its own motion or on the recommendation of the National Bank, extend the said period of five years by such further period, not exceeding five years at a time, subject to such conditions as it may deem fit to impose.] tc "Provided that the Central Government may, either on its own motion or on the recommendation of the National Bank, extend the said period of five years by such further period, not exceeding five years at a time, subject to such conditions as it may deem fit to impose.]"
4. Offices and agencies.—
(1) A Regional Rural Bank shall have its head office at such place in the notified area as the Central Government may, after consultation with the 3 [National Bank] and the Sponsor Bank, specify by notification in the Official Gazette. tc "4. Offices and agencies.—(1) A Regional Rural Bank shall have its head office at such place in the notified area as the Central Government may, after consultation with the 1[National Bank] and the Sponsor Bank, specify by notification in the Official Gazette."
(2) A Regional Rural Bank may, if it is of opinion that it is necessary so to do, establish its branches or agencies at any place in the notified area.
5. Authorised capital.—The authorised capital of each Regional Rural Bank shall be 4 [Five Crores of rupees divided into five lakhs] of fully paid-up shares of one hundred rupees each: Provided that the Central Government may, after consultation with the 5 [National Bank] and the Sponsor Bank, increase or reduce such authorised capital; so, however, that the authorised capital shall not be reduced below twenty-five lakhs of rupees, and the shares shall be in all cases, fully paid-up shares of one hundred rupees each. tc "Provided that the Central Government may, after consultation with the 3[National Bank] and the Sponsor Bank, increase or reduce such authorised capital; so, however, that the authorised capital shall not be reduced below twenty-five lakhs of rupees, and the shares shall be in all cases, fully paid-up shares of one hundred rupees each."
6. Issued capital.— 6 [
(1) The issued capital of each Regional Rural Bank shall, in the first instance, be such as may be fixed by the Central Government in this behalf, but it shall in no case be less than twenty-five lakhs of rupees or exceed one crore of rupees.] tc "6. Issued capital.—4[(1) The issued capital of each Regional Rural Bank shall, in the first instance, be such as may be fixed by the Central Government in this behalf, but it shall in no case be less than twenty-five lakhs of rupees or exceed one crore of rupees.]"
(2) Of the capital issued by a Regional Rural Bank under sub-section (1), fifty per cent. shall be subscribed by the Central Government; fifteen per cent. by the concerned State Government and thirty five per cent. by the Sponsor Bank. tc "(2) Of the capital issued by a Regional Rural Bank under sub-section (1), fifty per cent. shall be subscribed by the Central Government; fifteen per cent. by the concerned State Government and thirty five per cent. by the Sponsor Bank."
(3) The Board may, after consultation with the 7 [National Bank], the concerned State Government and the Sponsor Bank and with the prior approval of the Central Government, from time to time, increase the issued capital of the Regional Rural Bank; and, where additional capital is issued, such capital shall also be subscribed in the same proportion as is specified in sub-section (2). tc "(3) The Board may, after consultation with the 5[National Bank], the concerned State Government and the Sponsor Bank and with the prior approval of the Central Government, from time to time, increase the issued capital of the Regional Rural Bank; and, where additional capital is issued, such capital shall also be subscribed in the same proportion as is specified in sub-section (2)."
7. Shares to be approved securities.—Notwithstanding anything contained in the Acts hereinafter mentioned in this section, the shares of a Regional Rural Bank shall be deemed to be included among the securities enumerated in section 20 of the Indian Trusts Act, 1882 (2 of 1882), and shall also be deemed to be approved securities for the purposes of the Banking Regulation Act, 1949 (10 of 1949). tc "7. Shares to be approved securities.—Notwithstanding anything contained in the Acts hereinafter mentioned in this section, the shares of a Regional Rural Bank shall be deemed to be included among the securities enumerated in section 20 of the Indian Trusts Act, 1882 (2 of 1882), and shall also be deemed to be approved securities for the purposes of the Banking Regulation Act, 1949 (10 of 1949)."
5. Authorised capital.—The authorised capital of each Regional Rural Bank shall be 8 [Five Crores of rupees divided into five lakhs] of fully paid-up shares of one hundred rupees each: Provided that the Central Government may, after consultation with the 9 [National Bank] and the Sponsor Bank, increase or reduce such authorised capital; so, however, that the authorised capital shall not be reduced below twenty-five lakhs of rupees, and the shares shall be in all cases, fully paid-up shares of one hundred rupees each. tc "Provided that the Central Government may, after consultation with the 3[National Bank] and the Sponsor Bank, increase or reduce such authorised capital; so, however, that the authorised capital shall not be reduced below twenty-five lakhs of rupees, and the shares shall be in all cases, fully paid-up shares of one hundred rupees each."
9. Board of directors.—
(1) The Board of directors shall consist of the Chairman appointed under sub-section (1) of section 11, and the following other members, namely:— tc "9. Board of directors.—(1) The Board of directors shall consist of the Chairman appointed under sub-section (1) of section 11, and the following other members, namely\:—"
10 [(a) two directors, who are not officers of the Central Government, State Government, Reserve Bank, National Bank, Sponsor Bank or any other bank, to be nominated by the Central Government; tc" 1[(a) two directors, who are not officers of the Central Government, State Government, Reserve Bank, National Bank, Sponsor Bank or any other bank, to be nominated by the Central Government;"
(b) one director, who is an officer of the Reserve Bank, to be nominated by that Bank; tc" (b) one director, who is an officer of the Reserve Bank, to be nominated by that Bank;"
(c) one director, who is an officer of the National Bank, to be nominated by that Bank; tc" (c) one director, who is an officer of the National Bank, to be nominated by that Bank;"
(d) two directors, who are officers of the Sponsor Bank, to be nominated by that Bank; and tc" (d) two directors, who are officers of the Sponsor Bank, to be nominated by that Bank; and"
(e) two directors, who are officers of the concerned State Government, to be nominated by that Government.] tc" (e) two directors, who are officers of the concerned State Government, to be nominated by that Government.]"
(2) The Central Government may increase the number of members of the Board; so, however, that the number of directors does not exceed fifteen in the aggregate and also prescribe the manner in which the additional number may be filled in.
10. Term of office of director.—A director (other than the Chairman) shall hold office for such period not exceeding two years, from the date when he assumes office, as the authority nominating him may specify at the time when the nomination is made, and may, on the expiry of the said period, continue to hold office until his successor has been nominated and shall also be eligible for re-nomination. tc "10. Term of office of director.—A director (other than the Chairman) shall hold office for such period not exceeding two years, from the date when he assumes office, as the authority nominating him may specify at the time when the nomination is made, and may, on the expiry of the said period, continue to hold office until his successor has been nominated and shall also be eligible for re-nomination."
11. Chairman.—
(1) 11 [The Sponsor Bank] shall appoint an individual to be the Chairman of a Regional Rural Bank and specify the period, not exceeding five years, for which such individual shall, subject to the provisions of sub-section (4), hold office as the Chairman: tc "11. Chairman.—(1) 1[The Sponsor Bank] shall appoint an individual to be the Chairman of a Regional Rural Bank and specify the period, not exceeding five years, for which such individual shall, subject to the provisions of sub-section (4), hold office as the Chairman\:" 12 [Provided that no appointment of such an individual shall be made,— tc "2[Provided that no appointment of such an individual shall be made,—"
(a) if such an individual is an officer of the Sponsor Bank, except after consultation with the National Bank; and tc" (a) if such an individual is an officer of the Sponsor Bank, except after consultation with the National Bank; and"
(b) in any other case, except with the prior approval of the Central Government.] tc" (b) in any other case, except with the prior approval of the Central Government.]"
13 [(1A) Notwithstanding anything contained in sub-section (1),— tc "3[(1A) Notwithstanding anything contained in sub-section (1),—"
(a) the Sponsor Bank shall have the right to terminate the term of office of the Chairman at any time before the expiry of the period specified in sub-section (1): tc" (a) the Sponsor Bank shall have the right to terminate the term of office of the Chairman at any time before the expiry of the period specified in sub-section (1)\:" Provided that no such termination shall be made,— tc" Provided that no such termination shall be made,—"
(a) if the Chairman is an officer of the Sponsor Bank, except after consultation with the national Bank; and tc" (a) if the Chairman is an officer of the Sponsor Bank, except after consultation with the national Bank; and"
(b) in any other case, except with the prior approval of the Central Government: tc" (b) in any other case, except with the prior approval of the Central Government\:" Provided further that where the Chairman is not an officer of the Central Government, State Government, Reserve Bank, National Bank, Sponsor Bank or any other bank, he shall be given notice of not less than three months in writing or three months’ salary and allowances in lieu of such notice; and tc" Provided further that where the Chairman is not an officer of the Central Government, State Government, Reserve Bank, National Bank, Sponsor Bank or any other bank, he shall be given notice of not less than three months in writing or three months’ salary and allowances in lieu of such notice; and"
(b) the Chairman shall have the right to resign his office at any time before the expiry of the period specified in sub-section (1) by giving to the Sponsor Bank, notice of not less than three months in writing.] tc" (b) the Chairman shall have the right to resign his office at any time before the expiry of the period specified in sub-section (1) by giving to the Sponsor Bank, notice of not less than three months in writing.]"
(2) The individual, appointed as a Chairman under sub-section (1), shall, on the expiry of the period specified under that sub-section, be eligible for re-appointment. tc "(2) The individual, appointed as a Chairman under sub-section (1), shall, on the expiry of the period specified under that sub-section, be eligible for re-appointment."
(3) The Chairman shall devote his whole time to the affairs of the Regional Rural Bank and shall have, subject to the superintendence, control and direction of the Board, the management of the whole of the affairs of the Regional Rural Bank. tc "(3) The Chairman shall devote his whole time to the affairs of the Regional Rural Bank and shall have, subject to the superintendence, control and direction of the Board, the management of the whole of the affairs of the Regional Rural Bank."
14 [(4) 15 [The Sponsor Bank] may, at any time, remove the Chairman from office: tc "4[(4) 5[The Sponsor Bank] may, at any time, remove the Chairman from office\:" 6[Provided that no such removal shall be made,— tc "6[Provided that no such removal shall be made,—"
(a) if the Chairman is an officer of the Sponsor Bank, except after consultation with the National Bank; and tc" (a) if the Chairman is an officer of the Sponsor Bank, except after consultation with the National Bank; and"
(b) in any other case, except with the prior approval of the Central Government: tc" (b) in any other case, except with the prior approval of the Central Government\:" Provided further that] no person shall be removed from his office, under this sub-section, unless he has been given an opportunity of showing cause against his removal.] tc "Provided further that] no person shall be removed from his office, under this sub-section, unless he has been given an opportunity of showing cause against his removal.]"
(5) The Chairman shall receive such salary and allowances and be governed by such terms and conditions of service as may be determined by 16 [the Sponsor Bank in consultation with the National Bank]. tc "(5) The Chairman shall receive such salary and allowances and be governed by such terms and conditions of service as may be determined by 1[the Sponsor Bank in consultation with the National Bank]."
(6) If the Chairman is, by infirmity or otherwise, rendered incapable of carrying out his duties or is absent, on leave or otherwise, in circumstances not involving the vacation of office, the Central Government may appoint another individual to act as the Chairman during the absence of the first-mentioned Chairman.
12. Disqualifications.—A person shall be disqualified for being appointed or, as the case may be, nominated as, and for being, a director, if he— tc "12. Disqualifications.—A person shall be disqualified for being appointed or, as the case may be, nominated as, and for being, a director, if he—"
(a) is, or, at any time has been, adjudged insolvent or has suspended payment of his debt or has compounded with his creditors, or tc" (a) is, or, at any time has been, adjudged insolvent or has suspended payment of his debt or has compounded with his creditors, or"
(b) is of unsound mind and stands so declared by a competent court, or tc" (b) is of unsound mind and stands so declared by a competent court, or"
(c) is, or has been, convicted of an offence which, in the opinion of the Central Government, involves moral turpitude. tc" (c) is, or has been, convicted of an offence which, in the opinion of the Central Government, involves moral turpitude."
13. Vacation of the seat of directors.—
(1) If a director—
(a) becomes subject to any disqualification specified in section 12, or
(b) is absent without leave of the Board for more than three consecutive meetings thereof, his seat shall thereupon become vacant.
17 [(2) A director may resign his office by giving notice thereof in writing to the authority by which he was nominated; and, on such resignation being accepted, the director shall be deemed to have vacated his office.]
14. Meetings of Board.—
(1) The Board of directors of a Regional Rural Bank shall meet at such time and place and shall observe such rules of procedure in regard to the transaction of business at its meetings as may be prescribed. tc "14. Meetings of Board.—(1) The Board of directors of a Regional Rural Bank shall meet at such time and place and shall observe such rules of procedure in regard to the transaction of business at its meetings as may be prescribed."
(2) The Chairman of the Regional Rural Bank shall preside over every meeting of the Board, and, in his absence, such director as the Chairman may generally, or in relation to any particular meeting, authorise in this behalf shall preside; and in the absence of both the Chairman and the director so authorised, the directors present at the meeting shall elect one from among themselves to preside over the meeting. tc "(2) The Chairman of the Regional Rural Bank shall preside over every meeting of the Board, and, in his absence, such director as the Chairman may generally, or in relation to any particular meeting, authorise in this behalf shall preside; and in the absence of both the Chairman and the director so authorised, the directors present at the meeting shall elect one from among themselves to preside over the meeting." Explanation.—For the purposes of this sub-section, “absence” from a meeting means non-attendance for any reason whatsoever at the meeting, or any part of the meeting during which any business is transacted. tc "Explanation.—For the purposes of this sub-section, “absence” from a meeting means non-attendance for any reason whatsoever at the meeting, or any part of the meeting during which any business is transacted."
(3) All questions at a meeting of the Board shall be decided by a majority of the votes of the directors present and voting; and, in case of equality of votes, the person presiding shall have a second or casting vote. tc "(3) All questions at a meeting of the Board shall be decided by a majority of the votes of the directors present and voting; and, in case of equality of votes, the person presiding shall have a second or casting vote."
(4) No director shall, as a director, take part in the discussion of, or vote on, any contract, loan, arrangement or proposal into or to be entered into, by or on behalf of the Regional Rural Bank, if he is in any way, whether directly or indirectly, interested in the contract, loan, arrangement or proposal and, where a director is interested in any such matter, he shall, at the earliest possible opportunity, disclose to the Board the nature of his interest in such contract, loan, arrangement or proposal, and where he does so, his presence at the meeting shall not count for the purpose of forming any quorum at the time of any such discussion or vote, and if he does vote, his vote shall be void: tc "(4) No director shall, as a director, take part in the discussion of, or vote on, any contract, loan, arrangement or proposal into or to be entered into, by or on behalf of the Regional Rural Bank, if he is in any way, whether directly or indirectly, interested in the contract, loan, arrangement or proposal and, where a director is interested in any such matter, he shall, at the earliest possible opportunity, disclose to the Board the nature of his interest in such contract, loan, arrangement or proposal, and where he does so, his presence at the meeting shall not count for the purpose of forming any quorum at the time of any such discussion or vote, and if he does vote, his vote shall be void\:" Provided that nothing contained in this sub-section shall apply to such director by reason only of his being— tc "Provided that nothing contained in this sub-section shall apply to such director by reason only of his being—"
(i) a shareholder (other than a director) holding not more than two per cent. of the paid-up capital in any public company within the meaning of the Companies Act, 1956 (1 of 1956), or any corporation established by or under any law for the time being in force in India or any co-operative society, with which the Regional Rural Bank has entered into, or proposes to enter into, any contract, loan, arrangement or proposal; or tc" (i) a shareholder (other than a director) holding not more than two per cent. of the paid-up capital in any public company within the meaning of the Companies Act, 1956 (1 of 1956), or any corporation established by or under any law for the time being in force in India or any co-operative society, with which the Regional Rural Bank has entered into, or proposes to enter into, any contract, loan, arrangement or proposal; or"
(ii) a director of the Regional Rural Bank as such. tc" (ii) a director of the Regional Rural Bank as such."
15. Committees of Board.—The Board may constitute such committees, whether consisting wholly of directors or wholly of other persons or partly of directors and partly of other persons, as it may think fit, for such purpose as it may decide. tc "15. Committees of Board.—The Board may constitute such committees, whether consisting wholly of directors or wholly of other persons or partly of directors and partly of other persons, as it may think fit, for such purpose as it may decide."
16. Fees and allowances of directors and members of committees.—
(1) Every director and every member of a committee (other than the Chairman), shall be paid such fees and allowances as may be determined by the Central Government: Provided that no fees shall be paid to any director, or member of a committee, if he is an officer of the Central Government, State Government, the Reserve Bank, 18 [National Bank], Sponsor Bank or any other bank. tc "Provided that no fees shall be paid to any director, or member of a committee, if he is an officer of the Central Government, State Government, the Reserve Bank, 1[National Bank], Sponsor Bank or any other bank."
(2) The allowances payable to a director or a member of a committee, who is an officer of the Central Government, State Government, Reserve Bank, 18 [National Bank], Sponsor Bank or any other bank, shall be paid by the Government or bank which such officer is employed; and the allowances and fees payable to any other director or member of a committee shall be payable by the concerned Regional Rural Bank.
17. Staff of Regional Rural Banks.—
(1) A Regional Rural Bank may appoint such number of officers and other employees as it may consider necessary or desirable 19 [in such manner as may be prescribed] for the efficient performance of its functions and may determine the terms and conditions of their appointment and service: tc "17. Staff of Regional Rural Banks.—(1) A Regional Rural Bank may appoint such number of officers and other employees as it may consider necessary or desirable 1[in such manner as may be prescribed] for the efficient performance of its functions and may determine the terms and conditions of their appointment and service\:" Provided that it shall be lawful for a Sponsor Bank, if requested so to do by a Regional Rural Bank sponsored by it, to send, 20 [***] such number of officers or other employees on deputation to the Regional Rural Bank as may be necessary or desirable for the efficient performance of its functions: tc "Provided that it shall be lawful for a Sponsor Bank, if requested so to do by a Regional Rural Bank sponsored by it, to send, 2[***] such number of officers or other employees on deputation to the Regional Rural Bank as may be necessary or desirable for the efficient performance of its functions\:" Provided further that the remuneration of officers and other employees appointed by a Regional Rural Bank shall be such as may be determined by the Central Government, and, in determining such remuneration, the Central Government shall have due regard to the salary structure of the employees of the State Government and the local authorities of comparable level and status in the notified area. tc "Provided further that the remuneration of officers and other employees appointed by a Regional Rural Bank shall be such as may be determined by the Central Government, and, in determining such remuneration, the Central Government shall have due regard to the salary structure of the employees of the State Government and the local authorities of comparable level and status in the notified area."
(2) Notwithstanding anything contained in the Industrial Disputes Act, 1947 (14 of 1947), or any other law for the time being in force, no award, judgment, decree, decision or order of any industrial tribunal, court or other authority, made before the commencement of this Act, shall apply to the terms and conditions in relation to the persons appointed by a Regional Rural Bank. tc "(2) Notwithstanding anything contained in the Industrial Disputes Act, 1947 (14 of 1947), or any other law for the time being in force, no award, judgment, decree, decision or order of any industrial tribunal, court or other authority, made before the commencement of this Act, shall apply to the terms and conditions in relation to the persons appointed by a Regional Rural Bank."
(3) The officers and other employees of a Regional Rural Bank shall exercise such powers and perform such duties as may be entrusted or delegated to them by the Board.
18. Business which a Regional Rural Bank may transact.—
(1) Every Regional Rural Bank shall carry on and transact the business of banking as defined in clause (b) of section 5 of the Banking Regulation Act, 1949 (10 of 1949), and may engage in one or more forms of business specified in sub-section (1) of section 6 of that Act.
(2) Without prejudice to the generality of the provisions of sub-section (1), every Regional Rural Bank may, in particular, undertake the following types of business, namely:—
(a) the granting of loans and advances, particularly to small and marginal farmers and agricultural labourers, whether individually or in groups, and to co-operative societies, including agricultural marketing societies, agricultural processing societies, co-operative farming societies, primary agricultural credit societies or farmers’ service societies, for agricultural purposes or agricultural operations or for other purposes connected therewith; tc" (a) the granting of loans and advances, particularly to small and marginal farmers and agricultural labourers, whether individually or in groups, and to co-operative societies, including agricultural marketing societies, agricultural processing societies, co-operative farming societies, primary agricultural credit societies or farmers’ service societies, for agricultural purposes or agricultural operations or for other purposes connected therewith;"
(b) the granting of loans and advances, particularly to artisans, small entrepreneurs and persons of small means engaged in trade, commerce or industry or other productive activities, within the notified area in relation to the Regional Rural Bank.
19. Closure of accounts.—
(1) Every Regional Rural Bank shall cause its books to be closed and balanced as on the 31st day of December 21 [or such other date in each year as the Central Government may, by notification in the Official Gazette, specify] and shall appoint with the approval of the Central Government auditors for the audit of its accounts: tc "19. Closure of accounts.—(1) Every Regional Rural Bank shall cause its books to be closed and balanced as on the 31st day of December 1[or such other date in each year as the Central Government may, by notification in the Official Gazette, specify] and shall appoint with the approval of the Central Government auditors for the audit of its accounts\:" 22 [Provided that with a view to facilitating the transition from one period of accounting to another period of accounting under this sub-section, the Central Government may, by order published in the Official Gazette, make such provisions as it considers necessary or expedient for the closing and balancing of, or for other matters relating to, the books in respect of the concerned years.] tc "2[Provided that with a view to facilitating the transition from one period of accounting to another period of accounting under this sub-section, the Central Government may, by order published in the Official Gazette, make such provisions as it considers necessary or expedient for the closing and balancing of, or for other matters relating to, the books in respect of the concerned years.]"
(2) Every auditor of a Regional Rural Bank shall be a person who is qualified to act as an auditor of a company under section 226 of the Companies Act, 1956 (1 of 1956), and shall receive such remuneration as the Regional Rural Bank may fix with the approval of the Central Government. tc "(2) Every auditor of a Regional Rural Bank shall be a person who is qualified to act as an auditor of a company under section 226 of the Companies Act, 1956 (1 of 1956), and shall receive such remuneration as the Regional Rural Bank may fix with the approval of the Central Government."
(3) Every auditor shall be supplied with a copy of the annual balance-sheet and profit and loss account of the Regional Rural Bank, and a list of all books kept by the Regional Rural Bank, and it shall be the duty of the auditor to examine the balance-sheet and vouchers relating thereto, and, in the performance of his duties, the auditor— tc "(3) Every auditor shall be supplied with a copy of the annual balance-sheet and profit and loss account of the Regional Rural Bank, and a list of all books kept by the Regional Rural Bank, and it shall be the duty of the auditor to examine the balance-sheet and vouchers relating thereto, and, in the performance of his duties, the auditor—"
(a) shall have, at all reasonable times, access to the books, accounts and other documents of the Regional Rural Bank; tc" (a) shall have, at all reasonable times, access to the books, accounts and other documents of the Regional Rural Bank;"
(b) may, at the expense of the Regional Rural Bank, employ accountants or other persons to assist him in investigating such accounts; and tc" (b) may, at the expense of the Regional Rural Bank, employ accountants or other persons to assist him in investigating such accounts; and"
(c) may, in relation to such accounts, examine the Chairman or any officer or employee of the Regional Rural Bank. tc" (c) may, in relation to such accounts, examine the Chairman or any officer or employee of the Regional Rural Bank."
(4) Every auditor of a Regional Rural Bank shall make a report to that bank upon the annual balance-sheet and accounts and in every such report shall state,— tc "(4) Every auditor of a Regional Rural Bank shall make a report to that bank upon the annual balance-sheet and accounts and in every such report shall state,—"
(a) whether, in his opinion, the balance-sheet is a full and fair balance-sheet containing all necessary particulars and is properly drawn up so as to exhibit a true and fair view of the affairs of the Regional Rural Bank, and, in case he had called for any explanation or information, whether it has been given and whether it is satisfactory; tc" (a) whether, in his opinion, the balance-sheet is a full and fair balance-sheet containing all necessary particulars and is properly drawn up so as to exhibit a true and fair view of the affairs of the Regional Rural Bank, and, in case he had called for any explanation or information, whether it has been given and whether it is satisfactory;"
(b) whether or not, the transactions of the Regional Rural Bank, which have come to his notice, have been within the powers of that bank; tc" (b) whether or not, the transactions of the Regional Rural Bank, which have come to his notice, have been within the powers of that bank;"
(c) whether or not, the returns received from the offices and branches of the Regional Rural Bank have been found adequate for the purpose of his audit; tc" (c) whether or not, the returns received from the offices and branches of the Regional Rural Bank have been found adequate for the purpose of his audit;"
(d) whether the profit and loss account shows a true balance of profit or loss for the period covered by such accounts; and tc" (d) whether the profit and loss account shows a true balance of profit or loss for the period covered by such accounts; and"
(e) any other matter which he considers should be brought to the notice of the Regional Rural Bank.
20. Annual report to be furnished to the shareholders.— 23 [
(1) ] Every Regional Rural Bank shall, within 24 [three months from the date of the closure of its accounting year or such further period, not exceeding three months, as may be permitted by the Reserve Bank], send to each of its shareholders a report as to its working and activities during the accounting year immediately preceding together with a copy of its balance-sheet, profit and loss account and the auditor’s report in relation to the accounts of the said accounting year. tc "20. Annual report to be furnished to the shareholders.—1[(1)] Every Regional Rural Bank shall, within 2[three months from the date of the closure of its accounting year or such further period, not exceeding three months, as may be permitted by the Reserve Bank], send to each of its shareholders a report as to its working and activities during the accounting year immediately preceding together with a copy of its balance-sheet, profit and loss account and the auditor’s report in relation to the accounts of the said accounting year."
25 [(2) The Central Government shall cause every auditor’s report and report on the working and activities of each Regional Rural Bank to be laid, as soon as may be after they are recovered, before each House of Parliament.]
21. Disposal of profits.—After making provisions for bad and doubtful debts, depreciation in assets, contributions to staff and superannuation funds and all other matters for which provision is, under law, necessary or which are usually provided for by banking companies, a Regional Rural Bank may, out of its net profits, declare a dividend. tc "21. Disposal of profits.—After making provisions for bad and doubtful debts, depreciation in assets, contributions to staff and superannuation funds and all other matters for which provision is, under law, necessary or which are usually provided for by banking companies, a Regional Rural Bank may, out of its net profits, declare a dividend."
22. Regional Rural Bank to be deemed to be a co-operative society for purpose of the Income-tax Act, 1961.—For the purpose of the Income-tax Act, 1961, (43 of 1961), or any other enactment for the time being in force relating to any tax on income, profits or gains, a Regional Rural Bank shall be deemed to be a co-operative society. tc "22. Regional Rural Bank to be deemed to be a co-operative society for purpose of the Income-tax Act, 1961.—For the purpose of the Income-tax Act, 1961, (43 of 1961), or any other enactment for the time being in force relating to any tax on income, profits or gains, a Regional Rural Bank shall be deemed to be a co-operative society."
23. Interest-tax not payable.—Notwithstanding anything contained in the Interest-tax Act, 1974 (45 of 1974), no Regional Rural Bank shall be liable to pay any tax under that Act. tc "23. Interest-tax not payable.—Notwithstanding anything contained in the Interest-tax Act, 1974 (45 of 1974), no Regional Rural Bank shall be liable to pay any tax under that Act."
*23A. Amalgamation of Regional Rural Banks.—
(1) Notwithstanding anything contained in this Act, if the Central Government, after consultation with the National Bank, the concerned State Government and the Sponsor Bank, is of the opinion that it is necessary in the public interest or in the interest of the development of the area served by any Regional Rural Bank or in the interest of the Regional Rural Banks themselves, that two or more Regional Rural Banks should be amalgamated, that Government may, by notification in the Official Gazette, provide for the amalgamation of such Regional Rural Banks (hereafter in this Chapter referred to as the transferor Regional Rural Banks) into a single Regional Rural Bank (hereafter in this Chapter referred to as the transferee Regional Rural Bank) with such constitution, property, powers, rights interests, authorities and privileges; and with such liabilities, duties and obligations, as may be specified in the notification.
(2) Every notification issued under sub-section (1) shall indicate the date with effect from which the amalgamation shall become effective.
(3) Every notification issued under sub-section (1) may also provide for all or any of the following matters, namely:—
(a) the continuance in service of all the employees of the transferor Regional Rural Banks (excepting such of them as not being workmen within the meaning of the Industrial Disputes Act, 1947 (14 of 1947), are specifically mentioned in the notification) in the transferee Regional Rural Bank at the same remuneration and on the same terms and conditions of service, which they were getting or, as the case may be, by which they were being governed, immediately before the date on which the amalgamation takes effect;
(b) notwithstanding anything contained in clause (a), where any of the employees of the transferor Regional Rural Banks, not being workmen within the meaning of the Industrial Disputes Act, 1947 (14 of 1947) are specifically mentioned in the notification, or where any employee of the transferor Regional Rural Banks has by notice in writing given to the transferee Regional Rural Bank at any time before the expiry of a period of three months next following the date on which the amalgamation takes effect, intimated his intention of not becoming an employee of the transferee Regional Rural Bank, the payment to such employee of compensation, if any, to which he is entitled under the Industrial Disputes Act, 1947, and such gratuity, provident fund and other retirement benefits ordinarily admissible to him under the rules or authorisations of the concerned transferor Regional Rural Banks immediately before that date;
(c) the other terms and conditions for the amalgamation of Regional Rural Banks; and
(d) the continuance by or against the transferee Regional Rural Bank of any pending legal proceeding by or against any transferor Regional Rural Banks and such consequential, incidental and supplemental provisions, as may, in the opinion of the Central Government, be necessary to give effect to the amalgamation.
(4) Every notification issued under sub-section (1) shall, as soon as may be after it has been made, be laid before each House of Parliament.
*23B. Notification under section 23A to be sufficient notice to concerned parties.—
(1) A notification issued under sub-section (1) of section 23A, shall constitute sufficient notice of the provisions thereof to all the parties concerned and shall be binding on the transferor Regional Rural Banks and the transferee Regional Rural Bank and to the depositors, creditors, employees and all other persons having dealings with such banks.
(2) Notwithstanding anything contained in the Transfer of Property Act, 1882 (4 of 1882) or the Registration Act, 1908 (16 of 1908), any notification issued under sub-section (1) of section 23A shall be sufficient conveyance, in accordance with the provisions of the notification, of the business, properties, assets and liabilities, rights, interests, powers, privileges, benefits and obligations of whatever nature of the transferor Regional Rural Banks to the transferee Regional Rural Bank.
(3) On and from the date on which the amalgamation takes effect under section 23A, any reference to the transferor Regional Rural Banks in any agreement, conveyance, assurance, power of attorney or any other document of whatsoever nature, shall be deemed to be a reference to the transferee Regional Rural Bank and the rights and obligations of the transferor Regional Rural Banks shall be deemed to be the rights and obligations of the transferee Regional Rural Bank to the extent specified in the said amalgamation.
*23C. Cessation of business of transferor Regional Rural Banks.—On and from the date on which the amalgamation takes effect under section 23A, the transferor Regional Rural Banks shall cease to carry on business, including that of making of any payment to any depositors or discharge any liability or obligation to the creditors except to the extent as may be necessary for the implementation of the provisions of the said amalgamation.
*23D. Liquidation of Regional Rural Banks.—Where a notification is issued for the amalgamation of Regional Rural Banks under sub-section
(1) of section 23A, the Central Government may, by a further notification in the Official Gazette, direct that on such date, as may be specified therein, the transferor Regional Rural Banks, which by reason of amalgamation will cease to function, shall stand dissolved and such direction shall take effect notwithstanding anything to the contrary contained in section 26.
24. Power of Central Government to give directions.—
(1) Regional Rural Bank shall, in the discharge of its functions, be guided by such directions in regard to matters of policy involving public interest as the Central Government may, after consultation with the Reserve Bank, give. tc "24. Power of Central Government to give directions.—(1) Regional Rural Bank shall, in the discharge of its functions, be guided by such directions in regard to matters of policy involving public interest as the Central Government may, after consultation with the Reserve Bank, give."
(2) If any question arises as to whether any such direction relates to a matter of policy involving public interest, the decision of the Central Government thereon shall be final. tc "(2) If any question arises as to whether any such direction relates to a matter of policy involving public interest, the decision of the Central Government thereon shall be final."
26 [24A. Inspection audit and scrutiny by the Sponsor Bank.—Notwith-standing anything contained in section 19 and without prejudice to the provisions of section 35 of the Banking Regulation Act, 1949 (10 of 1949), the Sponsor Bank shall, from time to time, monitor the progress of the Regional Rural Banks sponsored by it and cause inspection, internal audit and scrutiny to be made by one or more of its officers and suggest corrective measures to be taken by such Regional Rural Bank.]
25. Obligations as to fidelity and secrecy.—
(1) A Regional Rural Bank shall observe, except as otherwise required by law, the practices and usages customary among bankers and, in particular, it shall not divulge any information relating to, or to the affairs of, its constituents except in circumstances in which it is in accordance with the law or practice and usage customary among bankers, necessary or appropriate for the Regional Rural Bank to divulge. tc "25. Obligations as to fidelity and secrecy.—(1) A Regional Rural Bank shall observe, except as otherwise required by law, the practices and usages customary among bankers and, in particular, it shall not divulge any information relating to, or to the affairs of, its constituents except in circumstances in which it is in accordance with the law or practice and usage customary among bankers, necessary or appropriate for the Regional Rural Bank to divulge."
(2) Every director, member of a committee or auditor, officer or other employee of a Regional Rural Bank, shall before entering upon his duties, make a declaration of fidelity and secrecy in the form set out in the Schedule to this Act. tc "(2) Every director, member of a committee or auditor, officer or other employee of a Regional Rural Bank, shall before entering upon his duties, make a declaration of fidelity and secrecy in the form set out in the Schedule to this Act."
26. Bar to liquidation of Regional Rural Bank.—No provision of law relating to the winding up of companies shall apply to a Regional Rural Bank and a Regional Rural Bank shall not be placed in liquidation save by order of the Central Government and in such manner as it may direct. tc "26. Bar to liquidation of Regional Rural Bank.—No provision of law relating to the winding up of companies shall apply to a Regional Rural Bank and a Regional Rural Bank shall not be placed in liquidation save by order of the Central Government and in such manner as it may direct."
27. Defects in appointment or constitution not to invalidate acts or proceedings.—
(1) No act of a Chairman acting in good faith, shall be invalid merely by reason of any defect in his appointment or in the procedure. tc "27. Defects in appointment or constitution not to invalidate acts or proceedings.—(1) No act of a Chairman acting in good faith, shall be invalid merely by reason of any defect in his appointment or in the procedure."
(2) No act or proceeding of any Board of directors or of any committee of a Regional Rural Bank shall be invalid merely on the ground of the existence of any vacancy in, or defect in the constitution of, such Board or committee, as the case may be. tc "(2) No act or proceeding of any Board of directors or of any committee of a Regional Rural Bank shall be invalid merely on the ground of the existence of any vacancy in, or defect in the constitution of, such Board or committee, as the case may be."
(3) Acts done by a person, acting in good faith, as a director or member of a committee of a Regional Rural Bank shall be valid, notwithstanding that it may afterwards be discovered that his appointment was invalid by reason of any defect or disqualification or had terminated by virtue of any provision contained in any law for the time being in force: tc "(3) Acts done by a person, acting in good faith, as a director or member of a committee of a Regional Rural Bank shall be valid, notwithstanding that it may afterwards be discovered that his appointment was invalid by reason of any defect or disqualification or had terminated by virtue of any provision contained in any law for the time being in force\:" Provided that nothing in this section shall be deemed to give validity to any act done by a director or a member of any committee of a Regional Rural Bank after his appointment has been shown to the Regional Rural Bank to be invalid or to have terminated. tc "Provided that nothing in this section shall be deemed to give validity to any act done by a director or a member of any committee of a Regional Rural Bank after his appointment has been shown to the Regional Rural Bank to be invalid or to have terminated."
28. Indemnity of directors, etc.—
(1) A director or a member of a committee of a Regional Rural Bank shall not be responsible for any loss or expense caused to such bank by insufficiency or deficiency of the value of, or title to, any property or security acquired or taken on behalf of a Regional Rural Bank or by the insolvency or wrongful act of any customer or debtor or anything done in, or in relation to, the execution of the duties of his office, unless such loss, expense, insufficiency of deficiency was due to any wilful act or default on the part of such director or member. tc "28. Indemnity of directors, etc.—(1) A director or a member of a committee of a Regional Rural Bank shall not be responsible for any loss or expense caused to such bank by insufficiency or deficiency of the value of, or title to, any property or security acquired or taken on behalf of a Regional Rural Bank or by the insolvency or wrongful act of any customer or debtor or anything done in, or in relation to, the execution of the duties of his office, unless such loss, expense, insufficiency of deficiency was due to any wilful act or default on the part of such director or member."
(2) The Chairman of a Regional Rural Bank and every officer of the Central Government or State Government or an officer of the Reserve Bank 28 [or the National Bank] or the Sponsor Bank and every officer or other employee of a Regional Rural Bank shall be indemnified by such bank against all losses and expenses incurred by him in, or in relation to the discharge of his duties except such as have been caused by his own wilful act or default.
29. Power to make rules.—
(1) The Central Government may, after consultation with the 29 [National Bank] and the Sponsor Bank, by notification in the Official Gazette, make rules for carrying out the provisions of this Act. tc "29. Power to make rules.—(1) The Central Government may, after consultation with the 2[National Bank] and the Sponsor Bank, by notification in the Official Gazette, make rules for carrying out the provisions of this Act."
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:— tc "(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely\:—"
(a) the manner in which the additional number of members of the Board may be filled in, under sub-section (2) of section 9; tc" (a) the manner in which the additional number of members of the Board may be filled in, under sub-section (2) of section 9;"
(b) the time and place at which the Board of directors of a Regional Rural Bank shall meet and the rules of procedure which shall be observed by the Board in regard to the transaction of business at its meetings, under sub-section (1) of section 14; tc" (b) the time and place at which the Board of directors of a Regional Rural Bank shall meet and the rules of procedure which shall be observed by the Board in regard to the transaction of business at its meetings, under sub-section (1) of section 14;"
30 [(ba) the manner in which the officers and other employees of the Regional Rural Banks shall be appointed;] tc" 3[(ba) the manner in which the officers and other employees of the Regional Rural Banks shall be appointed;]"
(c) any other matter which is required to be, or may be, prescribed. tc" (c) any other matter which is required to be, or may be, prescribed."
(3) Every rule made by the Central Government under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule. tc "(3) Every rule made by the Central Government under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule."
30. Power to make regulations.— 31 [
(1) ] The Board of directors of a Regional Rural Bank may, after consultation with the Sponsor Bank and the 32 [National Bank] and with the previous sanction of the Central Government, 33 [by notification in the Official Gazette,] make regulations, not inconsistent with the provisions of this Act and the rules made thereunder, to provide for all matters for which provision is necessary or expedient for the purpose of giving effect to the provisions for this Act. tc "30. Power to make regulations.—4[(1)] The Board of directors of a Regional Rural Bank may, after consultation with the Sponsor Bank and the 5[National Bank] and with the previous sanction of the Central Government, 6[by notification in the Official Gazette,] make regulations, not inconsistent with the provisions of this Act and the rules made thereunder, to provide for all matters for which provision is necessary or expedient for the purpose of giving effect to the provisions for this Act."
34 [(2) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.] tc "1[(2) Every regulation shall, as soon as may be after it is made under this Act by the Board of directors, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]"
31. Removal of difficulties.—If any difficulty arises in giving effect to the provisions of this Act, the Central Government may make such order, not inconsistent with the provisions of this Act as may appear to it to be necessary for the purpose of removing the difficulty: Provided that no such order shall be made after the expiry of a period of five years from the commencement of this Act. tc "Provided that no such order shall be made after the expiry of a period of five years from the commencement of this Act."
32. Act to override the provisions of other laws.—The provisions of this Act shall have effect notwithstanding anything to the contrary contained in any other law for the time being in force or in any contract, express or implied, or in any instrument having effect by virtue of any law other than this Act, and notwithstanding any custom or usage to the contrary. tc "32. Act to override the provisions of other laws.—The provisions of this Act shall have effect notwithstanding anything to the contrary contained in any other law for the time being in force or in any contract, express or implied, or in any instrument having effect by virtue of any law other than this Act, and notwithstanding any custom or usage to the contrary."
The Regional Rural Banks Act, 1976 The Schedule [See section 25 (2)] I,......................................................................., do hereby, declare that I will faithfully, truly and to the best of my skill and ability execute and perform the duties required of me as a director, member of a committee, officer, employee or auditor (as the case may be) of the Regional Rural Bank and which properly relate to any office or position in the said Bank held by me. I further declare that I will not communicate or allow to be communicated to any person not legally entitled thereto any information relating to the affairs of the Regional Rural Bank or to the affairs of any person having any dealings with the Regional Rural Bank, nor will I allow any such person to inspect or have access to, any books or documents belonging to, or in the possession of the Regional Rural Bank and relating to the business of the Regional Rural Bank, or to the business of any person having any dealings with the Regional Rural Bank. Signed before me. Signature Dated....................
1. Ins. by Act 1 of 1988, sec. 2 (w.e.f. 28-9-1988). tc" 1. Ins. by Act 1 of 1988, sec. 2 (w.e.f. 28-9-1988)."
2. Subs. by Act 1 of 1988, sec. 3, for sub-section (3) (w.e.f. 28-9-1988). tc" 1. Subs. by Act 1 of 1988, sec. 3, for sub-section (3) (w.e.f. 28-9-1988)."
3. Subs. by Act 1 of 1988, sec. 4, for “Reserve Bank” (w.e.f. 28-9-1988).
4. Subs. by Act 1 of 1988, sec. 5, for “one crore of rupees, divided into one lakh” (w.e.f. 28-9-1988).
5. Subs. by Act 1 of 1988, sec. 5, for “Reserve Bank” (w.e.f. 28-9-1988).
6. Subs. by Act 1 of 1988, sec. 6, for sub-section (1) (w.e.f. 29-9-1988).
7. Subs. by Act 1 of 1988, sec. 6, for “Reserve Bank” (w.e.f. 28-9-1988).
8. Subs. by Act 1 of 1988, sec. 5, for “one crore of rupees, divided into one lakh” (w.e.f. 28-9-1988).
9. Subs. by Act 1 of 1988, sec. 5, for “Reserve Bank” (w.e.f. 28-9-1988).
10. Subs. by Act 1 of 1988, sec. 7, for clauses (a), (b) and (c) (w.e.f. 28-9-1988).
11. Subs. by Act 1 of 1988, sec. 8, for “The Central Government” (w.e.f. 28-9-1988). tc" 1. Subs. by Act 1 of 1988, sec. 8, for “The Central Government” (w.e.f. 28-9-1988)."
12. Ins. by Act 1 of 1988, sec. 8 (w.e.f. 28-9-1988). tc" 2. Ins. by Act 1 of 1988, sec. 8 (w.e.f. 28-9-1988)."
13. Sub-section (1A) ins. by Act 73 of 1976, sec. 6 (w.e.f. 11-6-1976) and subs. by Act 1 of 1988, sec. 8 (w.e.f. 28-9-1988). tc" 3. Sub-section (1A) ins. by Act 73 of 1976, sec. 6 (w.e.f. 11-6-1976) and subs. by Act 1 of 1988, sec. 8 (w.e.f. 28-9-1988)."
14. Subs. by Act 73 of 1976, sec. 6, for sub-section (4) (w.e.f. 11-6-1976).
15. Subs. by Act 1 of 1988, sec. 8, for “The Central Government” (w.e.f. 28-9-1988). tc" 5. Subs. by Act 1 of 1988, sec. 8, for “The Central Government” (w.e.f. 28-9-1988)."
16. Subs. by Act 1 of 1988, sec. 8, for “The Central Government” (w.e.f. 28-9-1988). tc" 1. Subs. by Act 1 of 1988, sec. 8, for “The Central Government” (w.e.f. 28-9-1988)."
17. Subs. by Act 1 of 1988, sec. 9, for sub-section (2) (w.e.f. 28-9-1988).
18. Ins. by Act 1 of 1988, sec. 10 (w.e.f. 28-9-1988). tc" 1. Ins. by Act 1 of 1988, sec. 10 (w.e.f. 28-9-1988)."
19. Ins. by Act 1 of 1988, sec. 11 (w.e.f. 28-9-1988). tc" 1. Ins. by Act 1 of 1988, sec. 11 (w.e.f. 28-9-1988)."
20. The words “during the first five years of the functioning of a Regional Rural Bank” omitted by Act 1 of 1988, sec. 11 (w.e.f. 28-9-1988).
21. Subs. by Act 66 of 1988, sec. 33, for “of each year” (w.e.f. 30-12-1988).
22. Ins. by Act 66 of 1988, sec. 33 (w.e.f. 30-12-1988).
23. Section 20 re-numbered as sub-section (1) thereof by Act 81 of 1985, sec. 11 (w.e.f 1-5-1986).
24. Subs. by Act 1 of 1988, sec. 12, for “sixty days from the date of closure of its accounting year” (w.e.f 28-9-1988).
25. Ins. by Act 81 of 1985, sec. 11 (w.e.f. 1-5-1986).
26. Ins. by Act 1 of 1988, sec. 14 (w.e.f. 28-9-1988). tc" 1. Ins. by Act 1 of 1988, sec. 14 (w.e.f. 28-9-1988)."
27. Ins. by Act 30 of 2005, sec. 34 and Sch. tc" 1. Ins. by Act 30 of 2005, sec. 34 and Sch."
28. Ins. by Act 1 of 1988, sec. 15 (w.e.f. 28-9-1988).
29. Subs. by Act 1 of 1988, sec. 16, for “Reserve Bank” (w.e.f. 28-9-1988).
30. Ins. by Act 1 of 1988, sec. 16 (w.e.f. 28-9-1988).
31. Section 30 re-numbered as sub-section (1) thereof by Act 1 of 1984, sec. 70 (w.e.f. 15-2-1984).
32. Subs. by Act of, 1988, sec. 17 for “Reserve Bank” (w.e.f. 28-9-1988).
33. Ins. by Act 66 of 1988, sec. 34 (w.e.f. 30-12-1988).
34. Ins. by Act 1 of 1984, sec. 70 (w.e.f. 15-12-1984).