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New Delhi, March 8

The Union Cabinet on Friday gave its nod for the release of Rs 50 lakh towards the Centre’s contribution, being the 50 per cent share, for the establishment of a Regional Rural Bank (RRB) in Puducherry. This RRB is being sponsored by Indian Bank. The issued capital of the RRB at Puducherry is Rs 1 crore. This decision would assist in expanding the network of RRBs in uncovered areas, the Information and Broadcasting Minister, Mr Priyaranjan Dasmunshi, told newspersons here. RRBs are jointly owned by the Union Government, State governments concerned and the sponsor banks. Their share in the issued capital is 50 per cent, 15 per cent and 35 per cent, respectively.

— Our Bureau

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Centre’s aid for RRB at Puducherry

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