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Our Bureau

Two new regional rural banks formed

Kolkata , March 1

Six regional rural banks (RRBs) sponsored by Allahabad Bank in Uttar Pradesh have been amalgamated and two new RRBs have been formed.

Thus, Lucknow Kshetriya Gramin Bank with head office in Sitapur has been formed through amalgamation of three RRBs, namely, Bhagirath Gramin Bank (Sitapur district), Shravasti Gramin Bank (Bahraich and Shravasti districts) and Sarayu Gramin Bank (Lakhimpur-Kheri district) while Triveni Kshetriya Gramin Bank with head office in Orai has been formed by way of amalgamation of three others, namely, Chhtrasal Gramin Bank (spread over Hamirpur, Mahboba and Jalaun districts), Tulsi Gramin Bank (Banda and Chitrakoot districts) and Vindhyavasini Gramin Bank (Mirzapur and Sonbhadra districts).

Lucknow Kshetriya Gramin Bank will be having a network of 239 branches, a capital base of Rs 283.09 crore and a total business of Rs 1,660.23 crore, comprising deposits of Rs 1,083.49 crore and advances of Rs 576.74 crore. The accumulated profit amounts to Rs 283.09 crore based on cumulative positions of the three amalgamated RRBs as on December 31, 2005.

The corresponding figures for Triveni Kshetriya Gramin Bank are 208 branches, capital base of Rs 48.63 crore, business volume of Rs 1,405.25 crore comprising deposits of Rs 827.73 crore and advances of Rs 577.52 crore with accumulated profit of Rs 15.29 crore.

Meanwhile, Allahabad Bank has revised the interest rates foreign currency non-resident (FCNR) deposits and non-resident (external) rupee (NRE) deposits with effect from today (Wednesday).

More Stories on : Regional Rural Banks | Mergers & Acquisitions | Other States

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Six RRBs sponsored by Allahabad Bank merged

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