PSU bank consolidation: Tamil Nadu Grama Bank to be formed by merging regional rural banks of Indian Bank, Indian Overseas Bank

The amalgamation would be effective from April 1, 2019, said Indian Bank in a statement.

As part of consolidation in the public sector lenders’ rural banking operations in Tamil Nadu, the Union finance ministry has decided to amalgamate the Pallavan Grama Bank, sponsored by Indian Bank and Pandyan Grama Bank, sponsored by Indian Overseas Bank (IOB) in to a single regional rural bank in the state.

The amalgamated regional rural bank namely ‘Tamil Nadu Grama Bank’ will be under the sponsorship of Indian Bank, with its head office at Salem. The amalgamation would be effective from April 1, 2019, said Indian Bank in a statement.

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 a sponsor bank for the amalgamated regional rural bank, which will have its presence in 32 out of 33 districts of Tamil Nadu (except Chennai) through its branches and field business correspondents, the statement added.

Tamil Nadu Grama Bank would strive to deepen financial inclusion and widen the enrollment under social security initiatives to accelerate the all-round, all –inclusive economic progress in rural areas of the state.

“We welcome all employees of Pandyan Grama Bank to the Indian Bank family. We assure that with over Rs 21, 000 crore of business through 625 branches and 800 business correspondent outlets spread over the state, Tamil Nadu Grama Bank will continue to deliver high quality products and services to all its customers,” it said.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.