Friday, March 16, 2012

Scheme for Capitalisation of Financially Weak Rrbs Extended by Another Two Years

The Union Finance Minister ShriPranab Mukherjee proposed to extend the scheme of capitalization of financially weak RRBs by another 2 years to enable all the States to contribute their share. Announcing this during his Budget speech, Shri Mukherjee informed that the process of capitalization of financially weak RRBs has been completed in respect of 12 RRBs by the end of February, 2012.

The Finance Minister Shri Mukherjee also informed that of the 82 RRBs in India, 81 have successfully migrated to Core Banking solutions (CBS) and have also joined the national Electronic Fund Transfer system.

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