RRB Full Form in Banking, What Does RRB Stand For?
RRB full form in Banking refers to Regional Rural Bank. These commercial and Indian public banks run at the regional level in different regions of India. They are specially established for the country’s rural areas and provide financial and banking-related services. However, their scope of work may expand to some urban areas as well.
What is the role of RRB?
RRB plays a significant role in growing India’s rural areas. The reason for setting up such banks is to provide facilities related to credit and baking to the people of rural areas, mainly laborers, artisans, farmers, and small entrepreneurs. Therefore, they are responsible for enhancing the rural areas by limiting the cash flow from rural to urban areas and enabling the proper flow of credit facilities.
What are the objectives of Regional Rural Bank?
Following are the primary objectives of establishing RRB.
- It is rising above the credit differences existing in rural areas of the country.
- Restrict money flow from rural to urban areas by accepting necessary policies and measures.
- Offer numerous job opportunities in rural areas.
Functions of RRB
- Offer basic banking facilities to semi-urban and rural areas.
- Offer other bank-related services, such as debit credit cards, internet banking, etc.
- Accept deposits from bank account holders, etc.