Multiple Choice Questions on With reference to Regional Rural Banks RRBs consider following statements Its objective is to provid........... for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

With reference to Regional Rural Banks RRBs consider following statements Its objective is to provid...........

Economic Affairs Types of Banks and Banking
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    With reference to Regional Rural Banks (RRBs), consider following statements

    1. Its objective is to provide credit facilities, especially to the small and marginal farmers, agricultural labourers, artisans and small entrepreneurs in rural areas.
    2. They are entrusted to provide refinance to other lending institutions in rural areas.
    3. They are required to provide 75% of their total credit as priority sector lending.

    Select the correct statement.

     

    1&2 only

    Incorrect Answer

    2&3 only

    Incorrect Answer

    1&3 only

    Correct Answer

    All of the above

    Incorrect Answer
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    Explanation:
    • RRBs were set up with the objective to provide credit and other facilities, especially to the small and marginal farmers, agricultural labourers, artisans and small entrepreneurs in rural areas for development of agriculture, trade, commerce, industry and other productive activities. 
    • National Bank for Agriculture and Rural Development(NABARD) is entrusted to provide refinance to lending institutions in rural areas. RRBs do not provide refinancing. Hence 2nd is incorrect.
    • The RRBs are required to provide 75% of their total credit as priority sector lending.

     

    By: Shubham Tiwari
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