Four regional rural banks sponsored by the Punjab National Bank in Uttar Pradesh have been amalgamated into a single RRB by the finance ministry.
The four RRBs are Kisan Gramin Bank, Devi Patan Kshetriya Bank, Rani Laxmibai Kshetriya Bank and Uttar Pradesh Gramin Bank. The amalgamated entity would now be known as Sarva UP Gramin Bank with its head office in Meerut. The notification was done on November 30 and the branches and offices of the amalgamated RRB have already started functioning in the new name.
The newly-named Sarva UP Gramin Bank, which will operate in 13 districts in UP and will have 214 branches, has Rs 12.50 lakh deposit accounts with more than Rs 1400 crore deposit and Rs 2.50 lakh borrowal accounts. It also has more than Rs 825 crore loan portfolio, thus having a total business of more than Rs 2225 crore.
With the amalgamation of the RRBs, the number of RRBs sponsored by the PNB has come down from nine to six.
It is in line with finance minister P Chidambaram’s goal of ‘One state, one RRB for each sponsor bank’.