RRB Full Form in Banking
RRBs full form in banking is Regional Rural Bank. RRB is the government-owned commercial bank of India that functions at the regional level in different states of India. These banks work under the ownership of the Ministry of Finance, Government of India. These banks are created to cater to the needs of rural areas with banking and financial institutions. RRBs even have branches in urban areas.
The area of operation notified by the Government of India is limited, covering only one or more districts in the state. RRB performs different functions such as offering banking facilities to rural and semi-urban areas, performing government functions like disbursement of wages of MGNREGA workers, and distribution of pensions, providing para banking services like issuance of debit card and credit card, internet banking, mobile banking, locker facilities, etc.
What is the Full Form Of RRB in Banking?
The RRB full form in banking is Regional Rural Bank.
RRB History
RRBs full form, Regional Rural Bank, was established on the recommendation of the Narsimha committee on rural credit. The committee observed that RRBs were much better suited than commercial or cooperative banks in meeting the needs of rural areas. Considering the suggestion of the committee, the Government of India passed Regional Rural Bank Act 1976. Within a year of passing the act, at least 25 RRBs were established in different parts of India.
Regional Rural Banks were established to develop such types of banking institutions that could function as commercial organizations in rural areas.
RRB Area of Functioning
The full form of RRB, Regional Rural Bank, is required to operate in a limited area for which they are established. Generally, the operational areas of RRBs are limited to a few districts of the state in which they are established. The area of operation of RRB is decided by the Central Government in consultation with NABARD and the Sponsor banks by the way of notification issued by the bank.
It is, therefore, necessary for RRBs to establish their Head Office in the central place of their notified area of functioning because they are also authorized to open their branches or appoint agencies within their specified areas.
RRB Long Form and Objectives
RRB long-form is Regional Rural Bank, and it was established to accomplish the following objectives:
To safeguard the rural poor from moneylenders.
To provide cheap and liberal credit facilities to agricultural laborers, small and marginal farmers, small entrepreneurs, artisans, and other weaker sections of society.
To enhance employment opportunities by encouraging trade and commerce in rural areas.
To serve the needs of the backward areas which are not covered by other efforts of the government.
Identifying the final requirements of rural areas.
To promote entrepreneurship in rural areas.
To cater to the need of finance of cooperative societies, primary credit societies, and Agricultural marketing societies.
Enhance and improve banking services to rural, semi-urban, and untapped markets.
To promote banking and financing services in backward and unbanked regions.
To foster the banking rules among the rural people and mobilize savings for the economic development of rural areas.
To act as a motivator and thereby accelerate the economic growth in the particular area.
RRB Roles in Present Scenario
The full form RRB, Regional Rural Bank, plays the following important roles in the present scenario:
To grant advance
To accept deposits
To offer ancillary banking services
To provide input and equipment to farmers.
To provide support in marketing their products and services
To maintain godowns
RRB Role for Rural Development
Identifying the financial needs of rural areas.
To promote banking and financial services in backward or unbanked areas.
To provide finance to weaker sections of society like small farmers, regional artisans, rural laborers, small producers, etc.
To provide finance to cooperative societies, PrimaryCredit Societies, Agricultural Marketing Societies.
Enhancing employment opportunities in rural areas and tries to minimise the cost of providing credit to rural areas.
Mobilizing rural savings and channeling them for assisting productive activities in rural areas.
Enhancing and improving banking facilities in rural, semi-urban, and other untapped markets.
RRB Functions
Granting of loans and advances to marginal laborers and agricultural laborers, either individually or in groups, and to cooperative societies, agricultural processing societies, co-operative farming societies, primarily for agricultural purposes or agricultural operations, and other related purposes.
Accepting deposits
Granting of loans and advances to artisans, small entrepreneurs, and persons of small means engaged in trade, commerce, or industry or other productive activities within its area of production.
RRB Full Form in Railway
RRB full form in railway, Railway Recruitment Board, is a government organization in India. It was established on April 29, 1988, under the Ministry of Railways (Railway Board), New Delhi.
RRB is the organization under the Government of India that aims to manage the appointment of new employees to work in Indian Railways.
In January 1985, Railway Service Commission was renamed as Recruitment Railway Board. At present, 21 RRBs are in operation.
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What is the Full Form Of RRB in Railway?
The RRB full form in railway is Railway Recruitment Board.
RRB Long Form in Railway and its Objectives
RRB long form in railway is Railway Recruitment Control Board. It was initially known as Railway Service Commission, but it was renamed as Railway Recruitment Board in January 1985. The Railway Recruitment Control Board has the following objectives.
Formulation of Policies with respect to the recruitment procedures.
To reconcile the workload in existing RRBs.
To evaluate the activities of all RRB including expenditure incorrect during recruitments.
To carry out recruitment on an all Indian basis.
To arrange a Management Information System for examining work done by RRBs.
To speed up the selection process.
To bring the recruitment agencies close to candidates in far-reaching areas and interior sides.
To monitor the activities of all RRBs and guide them on priority as required.
FAQs on RRB Full Form
1.Who Regulates Regional Rural Banks?
Ans) Regional rural banks are regulated by NABARD.
2.Who is the Father of Regional Rural Banks?
Ans) M. Swaminathan is the father of Regional Rural Banks.
3.What Are the Functions of Regional Rural Banks?
Ans) The RRB act 1976 states that the functions of RRBs are to provide financial support to farmers, Small and Medium enterprises, local craftsmen, and artisans for farmers, traders, for agriculture, industries, trade, commerce, and economic development. There are presently 43 regional rural banks.
4.Name the Exams Conducted for Regional Rural Bank?
Ans) The exams that are conducted for Regional Rural Bank are:
IBPS RRB PO
IBPS RRB SO
IBPS RRB Cler
5.Which is the Post in the Railway Recruitment Board?
At the apex level of the Ministry of Railways, Member staff is the highest post, who is an ex-officio Secretary to the Government of India.
6.How Many RRB Are There in the Indian Railway?
Ans) To manage the crowd meticulously and to ensure a hassle-free process, 21 Railway Recruitment Board (RRBs) have been established to organize, evaluate, monitor, and carry out the recruitment procedures. These 21 RRBs offer jobs to millions of job seekers in the country
7.What is the Full Form of RRB in English?
Ans) The RRB full form in English is Regional Rural Bank.
