As per the original Regional Rural Banks Act, 1976, on which date were the books of a Regional Rural Bank required to be closed and balanced every year?

The Regional Rural Banks Act, 1976 originally mandated that every RRB close and balance its books of account as on December 31 of each year, a date that stood out because it did not align with India's standard financial year. This misalignment was corrected through the Regional Rural Banks (Amendment) Act, 2015, which shifted the closing date to March 31, bringing RRBs in line with the financial year followed by other commercial banks and the Government of India. The RRB Act works alongside the Banking Regulation Act, 1949, since several key provisions of that Act, including those relating to licensing, management, and accounting standards, are made applicable to RRBs with necessary modifications. Additionally, the National Bank for Agriculture and Rural Development (NABARD), established under a separate 1981 Act, plays a supervisory and refinancing role for RRBs, working closely alongside the sponsor bank and the Reserve Bank of India in their governance. This standardization of the accounting calendar was seen as an important administrative reform, since it simplified consolidated reporting and regulatory oversight across the RRB sector.