Smt. Padmaja Chunduru, CEO, Indian Bank
Two regional rural banks (RRB) — Pallavan Grama Bank and Pandyan Grama Bank — will be amalgamated into a single RRB in Tamil Nadu, according to a statement from Indian Bank. Pallavan Grama Bank is sponsored by Indian Bank and Pandyan Grama Bank is sponsored by the Indian Overseas Bank, both state-run lenders headquartered in Chennai.
“Ministry of Finance, Government of India in exercise of powers conferred under Regional Rural Banks Act 1976 announced amalgamation of Pallavan Grama Bank (Sponsored by Indian Bank) and Pandyan Grama Bank (Sponsored by Indian Overseas Bank) into a Single Regional Rural Bank in Tamil Nadu,” the statement said.
The newly amalgamated bank will be named Tamil Nadu Grama Bank and will be under the sponsorship of Indian Bank, with its head office located at Salem, Tamil Nadu. The amalgamation would be effective from April 1, 2019.
“In recognition of its strong financials, predominant presence in the State and preference among a larger section of populace in Tamil Nadu, Indian Bank is entrusted with the coveted responsibility of being sponsor bank for the amalgamated RRB, which will have its presence in 32 out of 33 districts,” Indian Bank said.