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FinMin moves on regional rural banks in UP

Aryavart Kshetriya Gramin Bank, Shreyas Gramin Bank to be amalgamated into a single Regional Rural Bank called as Gramin Bank of Aryavart

Sachin P Mampatta  |  Mumbai 

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The Ministry of has notified that two rural sponsored by Canara Bank and Bank of India are to be amalgamated into a single

Bank and Bank sponsored by Bank of India and Canara Bank respectively in the state of are to be amalgamated into a single Rural Bank, which shall be called the Bank of Aryavart.

The decision was taken following consultations with various parties including the State Government of Uttar Pradesh, according to an exchange notification by Canara Bank.

It would have its head office in Lucknow and function under the sponsorship of Bank of India with effect from April 01, 2013.

The Ministry plans amalgamation of geographically close Rural sponsored by different within a state, with a single sponsor bank in a bid to help in ‘optimizing the use of modern technology,’ according to the notification.

“Accordingly, the Ministry of Finance, Government of India, vide its letter dated April 01, 2013 after consulting NABARD, concerned sponsor and State Government of has notified that ….(the two )…. are hereby amalgamated into a single Rural Bank,” said the exchange notification.

First Published: Fri, May 17 2013. 18:52 IST