Question
Download Solution PDFWhich of the following is NOT a part of the institutional structure of rural banking?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Moneylenders.Key Points
- Today's institutional framework for rural banking comprises of a number of multi-agency entities, including
- commercial banks,
- Regional Rural Banks,
- co-operatives, and
- land development banks.
- Self-Help Groups (SHGs) have recently appeared to close the gap in the established credit system.
Additional Information
- Regional rural banks:
- In 1975, the Regional Rural Banks (RRBs) were founded.
- It was founded in accordance with the terms of the 1976 Regional Rural Banks Act and the Ordinance published on September 26, 1975.
- RRBs are financial organizations that guarantee sufficient credit for rural industries like agriculture.
- Commercial banks:
- A commercial bank is a type of financial organization that offers its clients services including loans, CDs, savings accounts, overdraft protection, etc.
- Cooperative banks:
- A co-operative bank is a diminutive financial institution whose owners and clients are its members.
- They are registered under the States Cooperative Societies Act and are governed by the Reserve Bank of India (RBI).
- Land development banks:
- The LDB's primary goals are to advance agricultural development and productivity as well as land use.
- The LDB provides long-term finance to members directly through its branches.
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