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The first Regional Rural Bank was established in India in the year:


1. 1991
2. 1975
3. 1982
4. 1980

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Correct Answer - Option 2 : 1975

The correct answer is 1975.

  • The first Regional Rural Bank was established in India in the year 1975.

  • Regional Rural Banks:
    • The Regional Rural Banks (RRBs) are the newest form of banks that came into existence since the middle of the 1970s.
    • It was sponsored by individual nationalised commercial banks with the objective of developing the rural economy by providing crediting and depositing facilities for agriculture and other productive activities of all kinds in rural areas.
    • Regional Rural Banks (RRBs) were set up under the terms of the 26 September 1975 ordinance and the RRB Act of 1976.
    • First Regional Rural Bank was established on 2 October 1975.
    • The Prathama Bank of Moradabad, Uttar Pradesh was the first RRB.
    • Currently, there are 43 RRBs in India.

  • Oudh Commercial Bank was the first complete Commercial Bank of India.
  • The Imperial Bank was established in the year 1921 by merging three main Presidency Banks.
    • It was later rechristened as State Bank of India in 1955.
  • Nationalisation of Banks was done in 1969.

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