Feb 06, 2006, 12.15 PM | Source: Moneycontrol.com
Amalgamation of -5- RRBs sponsored by Bank of Baroda into one single larger RRB in the state of Rajasthan
Bank of Baroda has amalgamated its -5- sponsored RRBs (viz) Marudhar Kshetriya Gramin Bank, Aravali Kshetriya Gramin Bank, Bundi chittorgarh Kshetriya Gramin Bank, Bhilwara Ajmer Kshetriya Gramin Bank, Dungarpur Banswara Kshetriya Gramin Bank operating in the state of Rajasthan into one single RRB. The new RRB “Baroda Rajasthan Gramin Bank” comes into existence with effect from 03.02.2006 as per notification dated 03.02.2006 issued by Govt. of India.
This is the second amalgamation of its sponsored RRBs by the Bank. Earlier Bank of Baroda has successfully amalgamated its 3 sponsored RRBs operating in the state of Gujarat into one single RRB “Baroda Gujarat Gramin Bank”.
With the bigger size & expanded coverage, the amalgamated RRB will have the benefit of economies of scale to serve its customers in a cost effective manner with optimum utilisation of financial & non financial resources through diversified business portfolio and increased mobility of staff with their career progression. The new amalgamated RRB would more efficiently & effectively play its developmental role in its area of operation.
The said "Baroda Rajasthan Gramin Bank" will be having total 267 branches and will be operating in 12 districts of Rajasthan i.e. Sawai Madhopur, Dausa, Tonk, Karauli, Ajmer , Bundi, Chittorgarh, Dungarpur, Banswara, Bhilwara, Churu and part of Bikaner with Head Office at Ajmer. The total business exceeds Rs. 1490 crores. The RRB will have a 3 tier structure with Head Office, -3- Regional Offices & branches.
The necessary steps have been taken for constitution of new Board and the process will be completed shortly. The amalgamated RRB has started functioning smoothly and every care is being taken to serve its customers under the new amalgamated entity with care & concern.
Sourced From : Pressman India PR