Govt amalgamates three regional rural banks

Chennai: The government has amalgamated three Regional Rural Banks — Punjab Gramin Bank, Malwa Gramin Bank and Sutlej Gramin Bank — into a single RRB.

In a filing to the BSE, Punjab and Sind Bank said the central government on 1 January, after consulting the sponsor banks of the three RRBs, felt that in the interest of the banks and the areas served by them, they should be amalgamated into a single RRB.

‘The Central Government has amalgamated the said Regional Rural Banks in to a single Regional Rural Bank with effect on and from 1 January,’ the filing said.

The sponsor banks of the RRBs are National Bank for Agriculture and Rural Development (NABARD), the Government of Punjab and Punjab National Bank, State Bank of India and Punjab and Sind Bank, it added.

NT Bureau