Bank of Maharashtra to merge two regional rural banks

Written by Reuters | Mumbai, March 31: | Updated: Mar 31 2008, 14:55pm hrs
State-run Bank of Maharashtra said on Monday it would merge Aurangabad Jalna Gramin Bank and Thane Gramin Bank, its two sponsored banks, to form Maharashtra Godavari Gramin Bank.

The new bank, sponsored by Bank of Maharashtra as a regional rural bank, would have 76 branches and a total business of 9.25 billion rupees, it said in a statement.

Bank of Maharashtra shares were trading 2.06 percent down at 47.45 rupees in the Mumbai market.