Which of the following was the first Regional Rural Bank of India?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. Prathama Bank.
The first Regional Rural Bank (RRB) of India was Prathama Bank, established on October 2, 1975, in Moradabad, Uttar Pradesh. It was set up under the RRB Act of 1976, with the objective of providing credit and financial services to rural areas, especially to small and marginal farmers, agricultural laborers, and rural artisans. Prathama Bank was sponsored by Syndicate Bank and was a pioneering step in bridging the credit gap in rural India. RRBs were created to combine the local feel of cooperatives with the professional management of commercial banks, aiming to boost financial inclusion in underserved regions.