Business Daily from THE HINDU group of publications
Thursday, Apr 26, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, Apr 26, 2007 ePaper |
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Money & Banking
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Regional Rural Banks Regional rural banks will be strengthened: Chidambaram Our Bureau
New Delhi April 25 The Government is committed to increasing credit flow to rural masses and all necessary steps would be taken to strengthen regional rural banks (RRBs). The Finance Minister, Mr P. Chidambaram, gave this assurance during his address to the members of the Parliamentary Consultative Committee attached to his Ministry during a meeting held on Wednesday. He also said that the Government has decided to extend the Securitisation and Reconstruction of Financial Assets and enforcement of securities interest (SARFAESI) law to loans advanced by RRBs.
Notification soon
The notification in this regard would be issued shortly, Mr Chidambaram said. The Finance Minister also informed the members that the process for structural consolidation of RRBs, which was started two years ago, was completed in March 2007. (The target was June 2007.) The number of RRBs has been reduced to 96 from 196 by amalgamating RRBs sponsored by the same bank within a State.
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