Five RRBs in Bengal amalgamate to become Bangiya Gramin Vikash Bank

Kolkata, Feb 21 (UNI)In a major development,five sponsored Regional Rural Banks(RRB)in West Bengal were today amalgamated to become the "Bangiya Gramin Vikash Bank"(BGVB)to bring about significant changes in rural credit scenario in the region.

Sponsored by the city-based United Bank of India(UBI)the five sponsored RRBs--the Maalabhum Gramin Bank,Gaur Gramin Bank, Sagar Graming Bank,Nadia Gramin Bank and Murshidabad Gramin Bank-- with its new found strength would extend modern banking facilities, including the ATMs,Currency Chest, Foreign Exchange business, to its clients, claimed Chairman of the new Bank Ambarish Nanda.

Hailing the support from the RBI,UBI, NABARD and the West Bengal Government in the amalgamation process,Mr Nanda said BGVP with its headquarters at Behrampore in Murshidabad district,about 150 km from here,would follow three-tier mechanism for better control and round the clock monitoring of its functioning.

Elaborating the bank's financial strength, the Chairman said BGVB would start its operations with 547 branches,93 per cent of them in rural areas,in all the 18 districts of the state.

Its total business presently stood at Rs 4130 crores, comprising deposits of Rs 2876 cres and advances of Rs 1254 crores.The credit- deposit retio would be around 44 per cent with the major thrust on agricultural credit, Mr Nanda informed.

About his future plans, the BGVB Chief said it included considerable hike in credit limit, availability of wide range of customer-friendly products,total computerisation and reduction in operational cost through rationalisation of human resources.

Incidentally,this was the second round of amalgamation of RRBs done by the UBI,with the first merger of four RRBs taking place in Assam under its guidance in January last year.

UNI