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TGB & APGVB become 1st RRBs in India to Launch Video-KYC Facility

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SBI-sponsored RRBs launch video-KYC facilityTwo Regional Rural Banks (RRBs) – Telangana Grameena Bank (TGB) & Andhra Pradesh Grameena Vikas Bank (APGVB) became India’s 1st RRBs to launch Digital Savings Account opening facility through Video-Know Your Customer (KYC) facility.

Both RRBs are sponsored by the State Bank of India (SBI).

  • Launched virtually by Dinesh Kumar Khara, Chairman of SBI.
  • ‘zero contact’ feature will be enabled the onboarding of customers which are equivalent to commercial banks.
  •  CASA (Current Account Savings Account) Portfolio will be increased of both RRBs.
  • TGB operates in 18 districts in Telangana, while APGVB operates in 19 districts of Telangana & 5 districts of Andhra Pradesh.

Digital Insta Savings Account Mobile app

  • The Digital Insta Savings Account mobile app of APGVB & TGB was launched in February, 2021.
  • It is the major part of the Digital Insta Savings Account (DISA) launched by the 2 RRBs.

Regional Rural Banks (RRBs)

  • RRBs were established on the recommendations of the Narasimham committee in 1975 under provisions of an ordinance and later replaced by the RRB Act, 1976.
  • Regional Rural Banks were owned by the Central Government, the State Government and the Sponsor Bank (Any commercial bank can sponsor the regional rural banks) held shares in the ratios as central Government – 50%, State Government – 15%, and Sponsor Banks – 35%.
  • RRBs were set up to provide sufficient banking and credit facilities for agriculture & other rural sectors.
  • As per the Regional Rural Banks (Amendment) Bill, 2014, the authorized capital of each RRBs was raised from INR 5 crores to INR 2000 Crores (divided into INR 200 crore of the fully paid share of INR 10 each).
  • At present, there are 43 RRBs functioning across India.

Recent Related News:

i.On November 1, 2020, the Central Government provided INR 670 crore to RRBs to raise the Capital to Risk (Weighted) Assets Ratio (CRAR) of about one-third of the 43 RRBs who are suffering losses especially from north-eastern and eastern regions and need funds to meet regulatory capital requirement of 9%.

About Telangana Grameena Bank (TGB):
Telangana Grameena Bank (TGB) formerly known as Deccan Grameena Bank – DGB.
Chairman – V.Arvind
Established in – 2006
Head Office – Hyderabad, Telangana
About Andhra Pradesh Grameena Vikas Bank (APGVB):
Chairman – K. Praveen Kumar
Established in – 2006
Head Office – Warangal, Telangana