FM Sitharaman To Review Progress Of 'One State - One Regional Rural Bank' On May 6

Finance Minister Nirmala Sitharaman is likely to review the implementation and progress of 'One State - One Regional Rural Bank' on May 6.

One state-one RRB will become a reality from May 1 with consolidation of 15 Regional Rural Banks across 11 states to achieve better operational efficiency and cost rationalisation.

With this fourth round of consolidation of regional rural banks, the number would reduce to 28 from the existing 43.

According to sources, the Finance Minister is scheduled to hold a meeting with RRBs and review various issues including consolidation.

RRBs in 11 states - Andhra Pradesh, Uttar Pradesh, West Bengal, Bihar, Gujarat, Jammu & Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Odisha and Rajasthan - are to be merged into one entity, for each of these to realise the goal of One state-One RRB.

In Andhra Pradesh, Chaitanya Godavari Grameena Bank, Andhra Pragathi Grameena Bank, Saptagiri Grameena Bank and Andhra Pradesh Grameena Vikas Bank sponsored by Union Bank of India, Canara Bank, Indian Bank and State Bank of India are to be amalgamated into a single RRB called as Andhra Pradesh Grameena Bank.

In Uttar Pradesh, Baroda UP Bank, Aryavart Bank and Prathama UP Gramin Bank sponsored by Bank of Baroda, Bank of India and Punjab National Bank will be amalgamated into Uttar Pradesh Gramin Bank with its head office at Lucknow under the sponsorship of Bank of Baroda.

In case of West Bengal, Bangiya Gramin Vikash, Paschim Banga Gramin Bank and Uttarbanga Kshetriya Gramin Bank sponsored by the Punjab National Bank, UCO Bank and Central Bank of India will be amalgamated into West Bengal Gramin Bank with its head office in Kolkata under the sponsorship of Punjab National Bank.

In Bihar, Gujarat, Jammu & Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Odisha and Rajasthan, two RRBs in each state would be merged into one.