Canara Bank merges 3 RRBs in UP

A new bank, Shreyas Gramin Bank with headquarters in Aligarh, has been formed by amalgamating three UP-based regional rural banks (RRBs) sponsored by Canara Bank. The amalgamated banks are Aligarh Gramin Bank, Etah Gramin Bank and Jamuna Gramin Bank.

The new bank will cover the five districts of Aligarh, Hathras, Etah, Agra and Firozabad that the RRBs covered, according to a release from the bank.

The consolidated 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. The management of Shreyas Gramin Bank will continue to be vested with Canara Bank.