Financial Daily from THE HINDU group of publications
Saturday, Jun 03, 2006
Financial Daily from THE HINDU group of publications Saturday, Jun 03, 2006 |
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Money & Banking
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Mergers & Acquisitions Canara Bank merges 3 RRBs in UP Our Bureau
Bangalore , June 2 Canara Bank has amalgamated three regional rural banks sponsored by it in Uttar Pradesh and named it as Shreyas Gramin Bank. A CanBank release said that the merged RRBs were Aligarh Gramin Bank, Etah Gramin Bank and Jamuna Gramin Bank, where the sponsor holds a 35 per cent stake. The release added that the consolidated RRB would have total networth of Rs 174 crore and 183 branches, mostly in rural areas. The Shreyas Gramin Bank would have a staff strength of 946. The deposits of the Bank would be Rs 1,050 crore and advances Rs 646 crore with a credit-deposit ratio of 62 per cent. The release said that the amalgamation would result in economies of scale in operation, improved reach of the bank, help in investing in appropriate technology to promote rural banking and ultimately would bring better facilities to rural areas.
More Stories on : Mergers & Acquisitions | Regional Rural Banks | Public Sector Banks
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