With reference to Regional Rural Banks RRBs consider the following statements They are not commercia...........

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With reference to Regional Rural Banks (RRBs), consider the following statements.

They are not commercial banks.
By the mandate, their operations must be restricted to rural areas.
These banks cannot provide the services of credit or debit cards.
In some districts, they are nodal agencies for disbursement of MGNREGA wages.

Select the correct answer using the codes below.

1 and 2 only

2 and 4 only

4 only

1, 2 and 3 only

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Explanation:

Statement 1: These are scheduled commercial banks operating at regional level in different States of India.

Statement 2: They have been created with a view to serve primarily the rural areas of India with basic banking and financial services. However, RRBs may have branches set up for urban operations and their area of operation may include urban areas too.

Statement 3 and 4: The area of operation of RRBs is limited to the area as notified by Government of India covering one or more districts in the State. RRBs also perform a variety of different functions. RRBs perform various functions in following heads:

Providing banking facilities to rural and semi-urban areas.

Carrying out government operations like disbursement of wages of MGNREGA workers, distribution of pensions etc. Providing Para-Banking facilities like locker facilities, debit and credit cards.

Small man’s bank