Regional rural banks 1 have limited area of operation 2 have free access to liberal refinance ...........

Economic Affairs Types of Banks and Banking

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Regional rural banks

1. have limited area of operation

2. have free access to liberal refinance facilities with NABARD

3. are required to lend only to weaker sections

Select the correct answer using the codes given below:

1 and 3

2 and 3

1, 2 and 3

1 and 2

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Explanation:

3rd statement is incorrect regarding RRB.

The functions of the RRB are as follows:
(1) Granting of loans and advances to small and marginal farmers and agricultural labourers, whether individually or in groups, and to co-operative societies, agricultural processing societies, co-operative farming societies, primarily for agricultural purposes or for agricultural operations and other related purposes;
(2) Granting of loans and advances to artisans, small entrepreneurs and persons of small means engaged in trade, commerce and industry or other productive activities within its area of co-operation; and
(3) Accepting deposits.