Four rural banks merge in Jharkhand

Ranchi, Jun 13 (UNI) Four regional rural banks here have been merged to create a new integrated rural bank in the state.

According to an official communique released here today the Union Finance Ministry had issued a notification yesterday effecting the merger of Ranchi, Hazaribagh, Giridih and Singhbhoom regional rural bank and creation of a larger entity namely the Jharkhand Rural Bank.

The JRB will function in 12 out of 22 districts with 210 braches and turnover above Rs 1287 crore.

The merger, effected under the Regional Rural Bank Act, 1976, was nessesisated in the greater interest of the concerned banks and public interest, the communique said.

UNI RAJ PC KLC1558