Indian Bank to sponsor the new entity
Pallavan Grama Bank and Pandyan Grama Bank, two regional rural banks in Tamil Nadu, will be amalgamated with effect from April 1, 2019.
The amalgamated entity would be called Tamil Nadu Grama Bank and sponsored by the Indian Bank, with head office at Salem.
Pallavan Grama Bank is sponsored by Indian Bank, while Pandyan Grama Bank by Indian Overseas Bank.
Presence in 32 districts
Tamil Nadu Grama Bank would have presence in 32 districts, except Chennai, through its branches and field business correspondents. It would have a business volume of more than ₹21,000 crore through 625 branches and 800 business correspondents.
Indian Bank has been given the responsibility of being the sponsor bank of the amalgamated bank in recognition of its strong financials, predominant presence in the State and preference among a larger section of populace in the State, Indian Bank said.
Tamil Nadu Grama Bank would strive to deepen financial inclusion and widen the enrollment under social security initiatives so as to accelerate the all-round, all inclusive economic progress in rural areas of Tamil Nadu, the statement said.