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The Regional Rural Banks Act, 1976


33. Amendment of certain enactments

1.     In the Reserve Bank of India Act, 1934,--

a.     In section 2,--

                      i.        After clause

(civ), the following clause shall be inserted, namely:--

(cv) "Regional Rural Bank" means a Regional Rural Bank established under section 3 of the Regional Rural Banks Act, 1976;';

                     ii.        After clause

(e), the following clause shall be inserted, namely:--

'(ea) "Sponsor Bank" means a Sponsor Bank as defined in the Regional Rural Banks Act, 1976;';

                    iii.        The existing clause (ei) shall be re-lettered as clause (eb);

b.    In section 45H, for the words "a co-operative bank", the words "a Regional Rural Bank or a co-operative bank" shall be substituted;

c.     In section 46A, in sub-section (2), in clause (b),--

                      i.        After the words "State co-operative banks", the words "or Regional Rural Banks" shall be inserted;

                     ii.        Or the proviso, the following proviso, shall be substituted, namely:--

"Provided that such loans and advances are fully guaranteed as to the re-payment of principal and payment of interest,--

                      i.        In the case of loans and advances to State co-operative banks, by the State Government; and

                     ii.        In the case of loans and advances to a Regional Rural Bank, by the Sponsor Bank.";

d.    In section 46B, in sub-section (2),--

                      i.        After the words "State co-operative banks", the words "or Regional Rural Banks" shall be inserted;

                     ii.        After the proviso, the following proviso shall be inserted namely:--

"Provided further that no such loans or advances shall be made-

a.     Except for the purpose of enabling the Regional Rural Banks to pay any dues in respect of bills of exchange and promissory notes purchased or re-discounted by the or loans and advances made to them by the Bank under section 17 and unless, in the opinion of the Bank, the Regional Rural Banks are unable to pay such dues in time owing to drought, famine or other natural calamities, and

b.    Unless such loans and advances are fully guaranteed as to re-payment of the principal and payment of interest by the Sponsor Bank.".

2.     In the Industrial Disputes Act, 1947 (14 of 1947), in section 2, in clause (a), in sub-clause (i), after the words and figures "Food Corporation Act, 1964, or", the words and figures "a Regional Rural Bank established under section 3 of the Regional Rural Banks Act, 1976, or" shall be inserted.

3.     In the Banking Regulation Act, 1949 (10 of 1949),--

a.     In section 24, after sub-section (2A), the following sub-section shall be inserted, namely:--

"(2B) The Reserve Bank may, by notification in the Official Gazette, vary the percentage referred to in sub-section (2A) in respect of a Regional Rural Bank established under section 3 of the Regional Rural Banks Act, 1976.";

b.    In section 34A, in sub-section (3), for the words "and any subsidiary bank", the words and figures "a Regional Rural Bank established under section 3 of the Regional Rural Banks Act, 1976, and any subsidiary bank" shall be substituted;

c.     In section 36AD, in sub-section (3), for the words "and any subsidiary bank", the words and figures "a Regional Rural Bank established under section 3 of the Regional Rural Banks Act, 1976, and any subsidiary bank" shall be substituted;

d.    In section 51, for the words "or any other banking institution notified by the Central Government in this behalf", the words and figures "or a Regional Rural Bank established under section 3 of the Regional Rural Banks Act, 1976, or any other banking institution notified by the Central Government in this behalf" shall be substituted.

4.     In the Banking Companies (Legal Practitioners' Clients' Accounts) Act, 1949 (45 of 1949), in section 2, in clause (a), for the words "and any subsidiary bank", the words and figures "a Regional Rural Bank established under section 3 of the Regional Rural Banks Act, 1976, and any subsidiary bank" shall be substituted.

5.     In the Deposit Insurance Corporation Act, 1961(47 of 1961),--

a.     In section 2,--

                      i.        In clause (g),--

a.     For the words "a banking company", the words "a Regional Rural Bank or a banking company" shall be substituted;

b.    For the words "with a banking company", the words "with a Regional Rural Bank or with a banking company" shall be substituted;

                     ii.        In clause (i), after the words "banking company", the words "or a Regional Rural Bank" shall be inserted;

                    iii.        After clause (m), the following clause shall be inserted, namely:--

'(ma) "Regional Rural Bank" means a Regional Rural Bank established under section 3 of the Regional Rural Banks Act, 1976;';

b.    After section 11, the following section shall be inserted, namely:--

"11A. Registration of Regional Rural Banks.

The Corporation shall register every Regional Rural Bank before the expiry of thirty days from the date of its establishment.";

c.     in section 13, after sub-section (2), the following sub-section shall be inserted, namely:--

"(3) The provisions of clauses (a), (b), (c), (d) and (h) of sub-section (1) shall apply to a Regional Rural Bank as they apply to a banking company.";

d.    in sub-section (1) of section 14, for the words "banking company", wherever they occur, the words "banking company, Regional Rural Bank" shall be substituted.



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