Regional Rural Bank | Amalgamation of Vananchal Gramin Bank and Jharkhand Gramin Bank into Jharkhand Rajya Gramin Bank

S.O. 567(E)—Whereas the Central Government, after consultation with the National Bank for Agriculture and Rural Development (NABARD), the Government of Jharkhand and the State Bank of India and Bank of India, being the Sponsor Banks of Vananchal Gramin Bank and Jharkhand Gramin Bank, is of the opinion that it is necessary in the public interest and in the interest of the development of the area served by the aforesaid Regional Rural Banks and also in the interest of the said Regional Rural Banks themselves, that the said Regional Rural Banks should be amalgamated into a single Regional Rural Bank;

Now, therefore, in exercise of the powers conferred by sub-section (1) of Section 23 A of the Regional Rural Banks Act, 1976 (21 of 1976) (hereinafter referred to as “the Act”), the Central Government hereby provides for the amalgamation of the said Regional Rural Banks into a single Regional Rural Bank which shall come into effect on and from the first day of April, 2019 (hereinafter referred to as the “effective date of amalgamation”) with such constitution, property, powers, rights, interests, authorities and privileges; and with such liabilities, duties and obligations as specified hereunder:—

1. Vananchal Gramin Bank and Jharkhand Gramin Bank (hereinafter referred to as “the transferor Regional Rural Banks”) sponsored by the State Bank of India and Bank of India in the State of Jharkhand are hereby amalgamated into a single Regional Rural Bank which shall be called as Jharkhand Rajya Gramin Bank (hereinafter referred to as “the transferee Regional Rural Bank”) with its head office at Ranchi under the sponsorship of State Bank of India.

For the detailed notification please follow the link: Notification

[F. No. 7/8/2017-RRB(Jharkhand)]

Ministry of Finance

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