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RRB Pay Revision:

The government revised the pay scale and allowances of employees of regional rural banks (RRBs) and brought it on a par with the nationalized banks.

In the annual review meeting of RRB chairmen and general managers of sponsor banks, Finance Minister Pranab Mukherjee announced the wage revision and also asked these banks to bring down the NPA level to below 5% within this fiscal itself.

The move will put an additional cost burden of Rs 791 crore on the exchequer in the form of arrears.

Mukherjee also laid emphasis on expanding the core banking solutions platform of the RRBs. The total loan outstanding of RRBs as on March 31, 2010, stood at Rs 83,562 crore whereas the deposits amounted to Rs 1,42,814 crore.