CourtMesh

Section 3: Establishment and incorporation of Regional Rural Banks.

The Regional Rural Banks Act, 1976Central Act · Act 21 of 1976

(1) The Central Government may, if requested so to do by a Sponsor Bank, by notification in the Official Gazette, establish in a State or Union territory, one or more Regional Rural Banks with such name as may be specified in the notification and may, by the said or subsequent notification, specify the local limits within which each Regional Rural Bank shall operate.

(2) Every Regional Rural Bank shall be a body corporate with perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract and may sue and be sued in its name.

[(3) It shall be the duty of the Sponsor Bank to aid and assist the Regional Rural Bank, sponsored by it, by--

(a) subscribing to the share capital of such Regional Rural Bank;

(b) training personnel of such Regional Rural Bank; and

(c) providing such managerial and financial assistance to such Regional Rural Bank ***, as may be mutually agreed upon between the Sponsor Bank and the Regional Rural Bank:

3 * * * * *]

Where this provision sits

ActThe Regional Rural Banks Act, 1976
Section3
Marginal noteEstablishment and incorporation of Regional Rural Banks.
JurisdictionCentral
StatusIn force as published by the source
Judgments citing it2

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, Act 1 of 1988. . Subs. by Act 1 of 1988, s. 3, for sub-section (3) (w.e.f. 28-9-1988).
  • omitted, Act 14 of 2015. . The words "during the first five years of its functioning" omitted by Act 14 of 2015, s. 2 (w.e.f. 4-2-2016).
  • omitted. . The proviso omitted by s. 2, ibid. (w.e.f. 4-2-12016).

Find the provision, not just read it

The full text above is free, and it stays free. What a free CourtMesh account adds is everything you cannot do by reading one page at a time:

  • Search 49,000+ Central and State enactments by what a provision says, not by its number
  • Jump from any section to every judgment that has applied it
  • Search 300 million+ Indian court records alongside the statute
  • Ask a research agent to find and read the case law on a provision for you

Free account. No card. About a minute to create.

Create a free account

Need this as data, not as a page? The Regional Rural Banks Act, 1976 is one of 49,000+ enactments on CourtMesh. The Indian court cases API serves the case law that cites these provisions over JSON, with API documentation and plans and pricing. See also the judgment library.