Three Punjab regional rural banks amalgamated by Govt.
Bureau/royalpatiala.in/New Delhi
The government has amalgamated three Regional Rural Banks — Punjab Gramin Bank-Kapurthala, Malwa Gramin Bank-Sangrur and Sutlej Gramin Bank-Bathinda — into a single RRB with effect from January 1.
This is to inform that Department of Financial Services, Ministry of Finance vide their notification F.No 7/8/2017-RRB (Punjab) dt 21-12-2018 has informed that the Central Government, after consultation with National Bank for Agriculture and Rural Development (NABARD), the Government of Punjab and Punjab National Bank, State Bank of India and Punjab & Sind Bank, being the Sponsor Banks of Punjab Gramin Bank, Malwa Gramin Bank and Sutlej Gramin Bank, is of the opinion that it is necessary in the public interest and in the interest of development of the area served by the aforesaid Regional Rural Banks and also in the interest of the said Regional Rural Banks themselves, that the said Regional Rural Banks should be amalgamated into a single Regional Rural Bank.
Accordingly, in exercise of the powers conferred by sub-section (1) of section 23A of the Regional Rural Banks Act, 1976, the Central Government has amalgamated the said Regional Rural Banks in to a single Regional Rural Bank with effect on and from 01.01.2019 with such constitution, property, powers, rights, interests, authorities and privileges, and with such liabilities, duties and obligations as specified in the aforesaid notification.
