New Delhi: As a part of the government’s policy to amalgamate all regional rural banks (RRBs) sponsored by a public sector lender in a state, city-based Punjab National Bank today announced consolidation of four RRBs in Uttar Pradesh.
The four RRBs sponsored by PNB in Uttar Pradesh have now been amalgamated into a single entity, which is christened as Sarva UP Gramin Bank. It will be headquartered at Meerut.
The new RRB will operate in 13 districts of the state with 214 branches. It will also have a branch in Hardwar district of Uttarakhand.
The RRB will have 12.50 lakh deposit accounts with more than Rs 1,400 crore deposit and 2.50 lakh borrower accounts with more than Rs 825 crore of loan portfolio.
With this, PNB is sponsoring six RRB in as many states of Bihar, Haryana, Himachal Pradesh, Punjab, Rajasthan and Uttar Pradesh.