Cabinet gives nod for regional rural bank in Puducherry

New Delhi, Mar 7 : The Union Cabinet today gave its approval to release of half of share of the Central Government amounting 50 lakh rupees towards contribution for the establishment of a Regional Rural Bank in Puducherry that will be sponsored by Indian Bank.

This decision will assist in expanding the network of RRBs in uncovered areas. The Issued Capital of each stand-alone RRB is one crore rupees and accordingly the proposed Issued Capital of the RRB to be established in UT of Puducherry be one crore rupees.

RRBs are jointly owned by Government of India, the State Government concerned and the Sponsor Banks ( 27 Scheduled Commercial Banks and one State Cooperative Bank).

ANI