Rajya Sabha passes Regional Rural Banks Amendment Bill
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The Rajya Sabha yesterday passed the Regional Rural Banks ( Amendment) Bill, 2014. The bill seeks to raise the authorised capital of Regional Rural Banks from five crore to 2,000 crore rupees and enable them to mop up funds from the capital market. Replying to a debate on the bill in the House, Minister of State for Finance Jayant Sinha said, the Government is making efforts to strengthen these banks and they will help the government in providing financial inclusion to every village in the country.
Dismissing apprehensions that the amendments are a way to privatise these banks, the Minister said that there are enough safeguard in the bill. He said under the present system, the Centre has a 50 percent share, the sponsor Bank 35 per cent and the state government 15 per cent shareholding in the RRBs. He said, in no case, the share holdings of the Centre and Sponsor Bank will be allowed to go less than 51 percent.
Dismissing apprehensions that the amendments are a way to privatise these banks, the Minister said that there are enough safeguard in the bill. He said under the present system, the Centre has a 50 percent share, the sponsor Bank 35 per cent and the state government 15 per cent shareholding in the RRBs. He said, in no case, the share holdings of the Centre and Sponsor Bank will be allowed to go less than 51 percent.
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