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The Union Cabinet has approved the recapitalisation of Regional Rural Banks (RRBs) to strengthen their balance sheets. The Centre will release Rs 1,100 crore towards its share of recapitalisation, the Information & Broadcasting Minister, Ms Ambika Soni, said here.
The Centre's funds release will however be contingent on the State Government and the sponsor bank bringing in proportionate shares, Ms Soni told reporters after a Cabinet meeting here. The Cabinet has also approved setting up of a capacity building fund with a corpus of Rs 100 crore. The fund would be set up with Nabard for training and capacity building of the RRB staff in the institution of NABARD and other reputed institutions.
The functioning of the fund will be periodically reviewed by the Centre. An action plan will be prepared by Nabard in this regard and sent to Government for approval.
The Cabinet also approved an additional amount of Rs 700 crore as contingency fund to meet the requirement of the weak RRBs, particularly those in the North-Eastern and Eastern region. Necessary provision will be made in the budget as and when the need arises, Ms Soni said.
Coinage Bill 2009
Meanwhile, the Cabinet also gave its nod for Finance Ministry's proposal to move the necessary amendments in the Coinage Bill 2009 with such consequential and drafting changes as may be considered necessary. A Bill to this effect will be introduced in Parliament. The Coinage Bill 2009 is pending in the Lok Sabha.
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