Chennai: The Ministry of Finance has announced the amalgamation of two regional rural banks in Tamilnadu- Pallavan Grama Bank, sponsored by Indian Bank and Pandyan Grama Bank, sponsored by Indian Overseas Bank (IOB) into a single regional rural bank in the state and name the new entity as Tamil Nadu Grama Bank.
The amalgamated regional rural bank – Tamil Nadu Grama Bank will be under the sponsorship of Indian Bank, with its head office at Salem. The amalgamation would be effective from 1 April, said Indian Bank in a statement.
Indian Bank MD and CEO, Padmaja Chunduru welcomed the employees of Pandyan Grama Bank to the Indian Bank family. She assured that the Tamil Nadu GramaBank with its businesses worth over Rs 21,000 crore through 625 branches and 800 business correspondent outlets spread across the State, will continue to deliver high-quality products and services to customers.
Tamil Nadu Grama Bank would have a presence in 32 districts, except Chennai. It would strive to deepen financial inclusion and widen the enrollment under social security initiatives to accelerate the all-around, all-inclusive economic progress in rural areas of the state, Indian Bank said in a press release.