The government has amalgamated three Regional Rural Banks (RRB) into one. These banks are Punjab Gramin Bank, Malwa Gramin Bank and Sutlej Gramin Bank, that will be amalgamated into a single RRB with effect from 1 January. In a BSE filing, Punjab and Sind Bank said that the central government felt that in the interest of the banks and the areas served by them, they should be amalgamated into a single RRB. The decision was taken after consulting the sponsor banks of the three RRBs.
"The Central Government has amalgamated the said Regional Rural Banks into a single Regional Rural Bank with effect on and from January 1, 2019," 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.
Inputs from PTI