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UCO Bank, Bank of India Ltd's RRBs To Be Merged With Indian Overseas Bank's Rural Bank-Business Standard


Friday, 26 Oct 2012 07:07am EDT 

Business Standard reported that 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. After the amalgamation, the bank will float a new entity called Odisha Grammia Bank, effective November 30, 2012. All the three RRBs put together will have a book size of around INA10,000 crore (INR100 billion) with 480 branches across 15 districts in the state of Odisha and it will be a single entity called Odisha Grammia Bank. 

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