What is the authorised capital of each Regional Rural Bank (RRB) as per the recent amendments in Regional Rural Bank (Amendment) Bill 2014?
Parliament has passed Regional Rural Banks (Amendment) Bill, 2014. It was first passed in Lok Sabha on December 22, 2014 and later in Rajya Sabha on April 28, 2015. This bill amends Regional Rural Banks Act, 1976 and aims to strengthen the Regional Rural Banks (RRBs) and deepen their financial inclusion. This amendment bill increases the authorised capital of each Regional Rural Bank (RRB) from Rs 5 crore to Rs 2000 crore divided into Rs 200 crore of fully paid share of Rs 10 each. As per the parent Act the Rs 5 crore share capital of RRBs is split into 5 lakh shares of Rs 100 each. Reference