Sheduled Bank Status of Pragathi Krishna Gramin Bank
Regional Rural Banks (RRBs) are special category of Banks established by Govt. of India in 1975 under the Provisions of the Ordinance promulgated by the President of India on 26.09.1975. This Ordinance later was replaced by RRBs Act, 1976 enacted by the Parliament. RRBs are Scheduled Banks Notified by Reserve Bank of India. The powers to make Rules, Regulations & Frame the policy matters relating to RRBs are vested with Government of India.
SBI & its associate banks are established by Govt. of India but they are not included under Nationalized Banks category. Nationalized Banks were earlier Private Limited Banks and subsequently taken over by Govt. of India through Nationalization process. Similarly, RRBs are 100% Government owned Banks and enjoy equal status as that of Nationalized Banks/State Bank group.