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Bihar Grameen Bank to merge with Madhya Bihar Grameen Bank:

Press Trust of India  |  Patna 

Sushil Kumar today said that the has approved a proposal of the Centre and NABARD to merge with Madhya

After the merger, only two rural banks- Uttar Bihar and Madhya Bihar- will be left in the state, said Modi, who is also Bihar's

The merger would increase the base capital of Madhya Bihar which would help it in disbursing loans effectively, he said.

All the 15,00 employees of 376 branches spread in nine districts in five regional offices of the sponsored Bihar Grameen Bank would come under Madhya Bihar Grameen Bank, the Dy CM said.

Similarly, the business area of sponsored Madhya Bihar Grameen Bank would increase from 11 to 20 districts with the total number of branches increasing to 1078, the said.

The number of 196 were reduced to 82 in 2004-05 across the country in the first phase while it was further reduced to 56 in 2014-15 in the second phase, he said adding that there is a proposal to prune it further to 38 from existing 56 in the country.

With the Central government's approval, the NABARD (Agriculture And Rural Development) has decided to reduce the number of of those sponsored banks which are handling the affairs of more than one rural bank, said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 10 2018. 20:05 IST
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