The government has issued draft guidelines for Regional Rural Banks (RRBs), meeting which this category of banks will be able to raise financial resources by listing on the stock exchange.
The government has issued draft guidelines for Regional Rural Banks (RRBs). (Representational Image)
The government has issued draft guidelines for Regional Rural Banks (RRBs), meeting which this category of banks will be able to raise financial resources by listing on the stock exchange. According to these guidelines, regional rural banks should have a net worth of at least Rs 300 crore during the last three years and their capital adequacy should also exceed the minimum regulatory level of nine per cent during this period.
It is also necessary to earn profit of the bank
In the draft guidelines issued by the Ministry of Finance, it has been said that RRBs intending to be listed on the stock market should have a profit making record. It is also necessary that they should have earned a minimum operating profit of Rs 15 crore for at least three years out of the last five years.
As per the draft rules, the responsibility of identifying suitable banks to bring their initial public offering (IPO) has been left to the sponsor banks of these rural banks. While selecting the suitable RRBs for IPO, the sponsor bank should also keep in mind the SEBI and RBI norms on capital raising and disclosure requirements. Let us tell you that only public sector banks sponsor the regional rural banks that play an important role in agricultural credit. At present there are 43 RRBs, whose sponsors are 12 public sector banks.
Apart from this, let us tell you that next week is Dussehra and banks will be closed in many states of the country on this special occasion. This ban will be for more than one day. By the way, on the occasion of Dussehra, October 5 is a national holiday. On this day the banks of the whole country will be closed simultaneously. But in some states, apart from October 5, banks will remain closed for an additional day or two. Before the 5th, there will be holidays in some states on October 3 and October 4, on which banks will be closed. This will be because banks will remain closed on Maha Ashtami, Mahanavami and Vijayadashami (Dussehra) in some states.
Apart from this, ICICI Bank has reduced the interest rate on the special FD scheme run for senior citizens. This bank runs its special scheme Golden Years FD for senior citizens.
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