New Delhi [India]May 1 (ANI): The most recently merged regional rural banks (RRBs) across 11 states and union territories are effective today (Thursday).
“Starting today, there are 26 regional rural banks (RRBs) mergers in 11 states/UTs, marking an important step towards a strong RRB, better governance, improved credit flows and financial inclusion,” the Department of Financial Services said in an article published on X.
On April 8, the Ministry of Financial Services (DFS) notified the merger of 26 regional rural banks (RRBs) to the principle of “One One One RRB”.
This is the fourth stage of RRB fusion.
In view of the improvement in RRB efficiency due to past mergers, the Ministry of Finance released a merger plan in November 2024 to consult with stakeholders.
After consultation with stakeholders, merged in 10 states and 1 UT, focusing mainly on the main focus of scale efficiency and cost rationalization.
After the release of the latest merger, there will be 28 RRBs in 26 states and 22 UTS, with more than 22,000 branches covering 700 regions.
Their main area of ​​operations is in rural areas, with about 92% of branches in rural or semi-urban areas.
During the first three phases, the number of RRBs in Phase I (FY2006 to FY2010) decreased from 196 to 82, and the number of RRBs in Phase II (FY2013-2015) decreased from 82 to 56 and 3 (FY2019 to FY2021) decreased from 56 to 43.
According to the Ministry of Financial Services website, the Rural Bank of the Region (RRB) was established in 1975 to develop rural, trade, commerce, industry, industry, industrial, industrial and other factories, credit and other facilities, especially small and marginal farmers, agricultural workers, agricultural workers, workers, small entrepreneurs and small entrepreneurs, and develop rural economies. (ANI)
