UCO Bank, Bank of India RRBs to be merged with IOB’s Rural Rural Bank. New entity called Odisha Grammia Bank to be formed post amalgamation worth book size of Rs 10,000 cr.
Indian Overseas Bank (IOB) plans to merge two regional rural banks (RRBs) belonging to Bank of India and UCO Bank with its own Neelanchal Grammiya Bank.
The bank’s Chairman and Managing Director of Indian Overseas Bank (IOB) Mr. M Narendra confirmed that the Regional Rural Bank (RRB) of Bank of India – Baitarani Grammiya Bank and UCO Bank’s Kalinga Grammiya will be merged with IOB’s Neelanchal Grammia Bank, adding that the networth of both Gramin banks were positive and that IOB’s RRB was a profit-making one.
The merger is per as the directive of the Ministry which has been looking at RRBs performance.
All the three RRBs put together will have a book size of around Rs 10,000 crore with 480 branches across 15 districts in the state of Odisha and it will be a single entity called Odisha Grammia Bank, effective from November 30.