Indian Overseas Bank (IOB) to merge two of regional rural banks (RRBs) belonging to Bank of India and UCO Banks with IOB's Neelanchal Grammaia Bank.
After the amalgamation the Bank will float a new entity called Odhisa Grammia Bank.
Bank's Chairman and Managing Director M Narendra said that BOI's RRB Baitarani Grammia Bank and UCO Bank's Kalinga will be merged with IOB's Neelanchal Grammia Bank.
All the RRBs put together will have a books size of around Rs 10,000 crore with 480 branches across 15 districts in the state of Odhisa and it will be a single entity called Odhisha Grammia Bank, said Narendra
