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Our Bureau

Pune, March 28 Aurangabad Jalna Gramin Bank (AJGB) and Thane Gramin Bank (TGB) sponsored by Bank of Maharashtra have been amalgamated to form a new regional rural bank (RRB) viz. Maharashtra Godavari Gramin Bank (MGGB) as per the Government notification.

The head office of the new bank would be at Aurangabad with area of operations in nine districts — Aurangabad, Jalna, Ahmednagar, Jalgaon, Raigad, Thane, Nashik, Dhule and Nandurbar.

According to an official release from Bank of Maharashtra, MGGB would also cover the tribal and hilly areas of Nandurbar, Nasik, Dhule and Thane districts. The amalgamated bank is having 76 branches presently.

The new bank would have two regional offices, one at Jalna covering branches in Aurangabad, Jalna and Jalgaon districts another at Thane covering branches in Raigad, Thane, Nasik, Dhule, Nandurbar and Ahmednagar districts.

All the branches of MGGB are fully computerised with total business of Rs 925.52 crore (Rs 614.15 crore deposits and Rs 311.37 crore advances).

The amalgamation would help in increasing the capital base and also to strengthen their working in all the nine districts.

This bank has recently opened two branches, one each at Ahmednagar and Jalgaon which are fully computerised with facilities such as biometric ATM, kiosks/query terminal and with SDV lockers.

The sponsor bank, Bank of Maharashtra, has appointed Mr A.M. Kshirsagar as the Chairman of new bank and the board of the new RRB has been constituted with nominations from RBI, Nabard and Bank of Maharashtra.

More Stories on : Regional Rural Banks | Mergers & Acquisitions | Maharashtra

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Aurangabad Jalna, Thane gramin banks amalgamated

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