| PNB merges four rural banks in UP |
| BS Reporter / New Delhi December 08, 2007 |
| Punjab National Bank (PNB) has merged four regional rural banks (RRBs) in Uttar Pradesh into one state-level RRB called Sarva UP Gramin Bank with its head office at Meerut. The four RRBs merged are Kisan Gramin Bank, Devi Patan Kshetriya Gramin Bank, Rani Laxmibai Kshetriya Gramin Bank and Uttar Pradesh Gramin Bank. The branches and offices of the amalgamated RRB have started functioning in the new name. Sarva UP Gramin Bank will operate in 13 districts of the state with 214 branches and one branch in Haridwar district of Uttarakhand. The total business of the RRB stood at Rs 2,225 crore. The RRB has 1.25 million deposit accounts with more than Rs1,400 crore deposits, and 2,50,000 borrower accounts with more than Rs 825 crore loan portfolio. With the amalgamation of the RRBs, the number of RRBs sponsored by PNB has come down from nine to six in line with 'one state, one RRB |
