Merger of Regional Rural Banks: Seven RRBs into three – Reserve Bank of India Notification
Merger of Regional Rural Banks :
Punjab Gramin Bank, Malwa Gramin Bank and Sutlej Gramin Bank into a single RRB as Punjab Gramin Bank,
Assam Gramin Vikash Bank and Langpi Dehangi Rural Bank into a single RRB as Assam Gramin Vikash Bank
Baroda Gujarat Gramin Bank and Dena Gujarat Gramin Bank into a single RRB as Baroda Gujarat Gramin Bank
RESERVE BANK OF INDIA
NOTIFICATION
New Delhi, the 27th July, 2020
DOR.CO.RRB.No. 138/31.04.002/2020-21 .-Whereas the Central Government in exercise of the powers conferred by sub-section (1) of section 23A of the Regional Rural Banks Act, 1976, has vide:-
1. Notification no. S.O. 6255 (E) dated December 21, 2018, amalgamated Punjab Gramin Bank, Malwa Gramin Bank and Sutlej Gramin Bank (hereinafter referred to as “the transfer or Regional Rural Banks”) into a single Regional Rural Bank, which shall be called as Punjab Gramin Bank (hereinafter referred to as “the transferee Regional Rural Bank”), with its head office at Kapurthala , with effect from January 1, 2019 ;
2. Notification no. S.O. 985(E) dated February 22, 2019, amalgamated Assam Gramin Vikash Bank and Langpi Dehangi Rural Bank (hereinafter referred to as “the transferor Regional Rural Banks”) into a single Regional Rural Bank, which shall be called as Assam Gramin Vikash Bank (hereinafter referred to as “the transferee Regional Rural Bank”), with its head office at Guwahati, with effect from April 1, 2019 ; and
3. Notification no. S.O. 986(E) dated February 22, 2019, amalgamated Baroda Gujarat Gramin Bank and Dena Gujarat Gramin Bank (hereinafter referred to as “the transferor Regional Rural Banks”) into a single Regional Rural Bank which shall be called as Baroda Gujarat Gramin Bank (hereinafter referred to as “the transferee Regional Rural Bank”), with its head office at Vadodara, with effect from April 1, 2019.
In furtherance of the above, in exercise of the powers conferred under clauses (a) and (b) of sub-section (6) of section 42 of the Reserve Bank of India Act, 1934 (hereinafter referred to as “the RBI Act”), the Reserve Bank of India, hereby, directs the exclusion of the aforesaid transfer or Regional Rural Banks from the second schedule of RBI Act and the inclusion of the aforesaid transferee Regional Rural Banks in the second schedule of the RBI Act.
LILY VADERA , Executive Director
[ADVT-III/4/Exty ./302/2020-21]
COMMENTS