Two new regional rural banks formed

Two new regional rural banks (RRBs) have been formed by merging three RRBs each.

Shreyas Gramin Bank has been formed by amalgamating three UP-based regional rural banks sponsored by Canara Bank. The new bank is headquartered in Aligarh.

Aligarh Gramin Bank, Etah Gramin Bank and Jamuna Gramin Bank are the three banks merged to form the new one. Shreyas Bank will cover Aligarh, Hathras, Etah, Agra and Firozabad districts, according to a press release.

The merged RRB will have a total net worth of Rs 174 crore and 183 branches.

They together posted a net profit of Rs 14.57 crore in 2005-06. Canara Bank will continue to manage Shreyas Gramin Bank. The other banking entity formed through amalgamation is Andhra Pragathi Grameena Bank.

Three Andhra Pradesh-based RRBs sponsored by Syndicate Bank were merged to form this bank which is headquartered at Kadapa. Rayalaseema Grameena Bank, Sree Anantha Grameena Bank and Pinakini Grameena Bank were three banks that were amalgamated.

Andhra Pragathi Grameena Bank will cover five districts - Anantpur, Kadapa, Kurnool, Prakasam and Nellore. It has a network of 332 branches and staff strength of 1,838. The bank's total business stands at Rs 3,886 crore.

The new entity will have a net worth of Rs 331.46 crore and will be one among the three biggest RRBs in the country.