Pondy to get Regional Rural Bank soon

Puducherry, Mar 13: A Regional Rural Bank (RRB) will be set up in Puducherry within a month, with the Union Cabinet granting approval for it, PMK Parliamentary Party leader Prof M Ramadass said today.

In a statement here, he said the bank, with its head office at Muthialpet, would be started with an investment of Rs 100 crore, of which Rs 50 crore would be borne by the Centre, Rs 35 crore by the Indian Bank, the sponsors, and the rest by the territorial administration.

As many as 25 branches of the RRB would be started in the Puducherry, Karaikal and Mahe regions in two years -- ten branches during the next financial year and the rest after one year, he said.

UNI