The REGIONAL RURAL BANKS ACT, 1976

PRELIMINARY

Section 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.

(3) It shall be deemed to have come into force on the 26th day of September, 1975.

Browse all 38 sections
  1. 1.Short title, extent and commencement.
  2. 2.Definitions.
  3. 3.Establishment and incorporation of Regional Rural Banks.
  4. 4.Offices and agencies.
  5. 5.Authorised capital.
  6. 6.Issued capital.
  7. 7.Shares to be approved securities.
  8. 8.Management.
  9. 9.Board of directors.
  10. 10.Term of office of director.
  11. 11.Chairman.
  12. 12.Disqualifications.
  13. 13.Vacation of the seat of directors.
  14. 14.Meetings of Board.
  15. 15.Committees of Board.
  16. 16.Fees and allowances of directors and members of committees.
  17. 17.Staff of Regional Rural Banks.
  18. 18.Business which a Regional Rural Bank may transact.
  19. 19.Closure of accounts.
  20. 20.Annual report to be furnished to the shareholders.
  21. 21.Disposal of profits.
  22. 22.Regional Rural Bank to be deemed to be a co-operative society for purpose of the Income-tax Act, 1961.
  23. 23.Interest-tax not payable.
  24. 23A.Amalgamation of Regional Rural Banks.
  25. 23B.Notification under section 23A to be sufficient notice to concerned parties.
  26. 23C.Cessation of business of transferor Regional Rural Banks.
  27. 23D.Liquidation of Regional Rural Banks.
  28. 24.Power of Central Government to give directions.
  29. 24A.Inspection, audit and scrutiny by the Sponsor Bank.
  30. 25.Obligations as to fidelity and secrecy.
  31. 26.Bar to liquidation of Regional Rural Bank.
  32. 27.Defects in appointment or constitution not to invalidate acts or proceedings.
  33. 28.Indemnity of directors, etc.
  34. 29.Power to make rules.
  35. 30.Power to make regulations.
  36. 31.Removal of difficulties.
  37. 32.Act to override the provisions of other laws.
  38. SCH-THE SCHEDULE.THE SCHEDULE