Role of RRBs on Socio-economic development: A case study of Northern districts of Odisha Districts

Abstract

The RRB fulfills its goals by offering banking services to rural households, particularly in areas with restricted banking access, enabling affordable loans for economically disadvantaged rural communities, promoting savings for productive activities in rural regions, creating employment opportunities and reducing lending costs in agricultural sectors. The primary aim of the government policy is to provide fair access to banking and payment services for all residents. The RRB is designed to serve as a financial institution for the impoverished, and its establishment throughout various parts of the country, particularly in economically disadvantaged areas, might be beneficial. In order to meet the genuine demand for banking services in rural regions, the government should build RRB branches at the grassroots level. The study concentrates on the influence of RRBs on rural socioeconomic advancement in northern districts of Odisha.