Merging Regional Rural Banks (RRBs) Sponsored by Canara Bank in the State of Karnataka

Amalgamation of Regional Rural Banks in the state of Karnataka sponsored by Canara Bank. Merging Regional Rural Banks (RRBs) Sponsored by Canara Bank in the State of Karnataka.

Rural areas are the main of our country that yield the main part of the economy. The villages and the rural areas may not sponsor much to the national budget or the economy’s wealth yet the rural areas are the main backbone for the country.

Earlier there were no banks helping the rural people and for their prosperity, now with the emergence of the new levels of banking systems, and the services that are being wide spread, the rural areas are also been well versed with the banking opportunities. The rural people are also getting a little awareness about the services and the benefits that the villagers can get by using the banking system and the services.

Banks provide various types of services including loans to the farmers to help their crops grow and hence get profit margin to their work done for making the crop grow in such a healthy manner. The various schemes implemented by the government officials to help the people in the backward areas who live on farming sector and other little wages, to get their scheme money to the fullest through bank deposits directly to the customer’s account. Most of them get benefit only through banks.

Kaveri Grameena Bank is under the sponsorship of State Bank of India and the Pragathi Krishna Grameena Bank is under the sponsorship of Canara Bank. Both the Grameena banks are under the banks that have their own place in public opinion. The proposal for the amalgamation of these two Grameen banks has been under proposal. The amalgamation was done to the RRBs located in the state of Karnataka only and that carries various formal notifications and modalities.

Merging Regional Rural Banks (RRBs) Sponsored by Canara Bank

After the amalgamation the undertaking of both the combined banks RRBs will be taken by Canara Bank. The officials and the employees will be guided and paid as per the norms and standards of the Canada Bank. There are certain modalities during the amalgamation of these RRBs which includes transfer of stake of sponsor banks should be at the face value of shares,

The main things carried out in Pragathi Krishna Grameena Bank include Technology implementation and digitization. Earlier there was already amalgamation of two banks. Pragathi Krishna Grameena Bank has been evolved by amalgamation of the stated Krishna Grameena Bank and the Pragathi Grameena Bank in the year 2013 and now the proposal was made to merge the Pragathi Krishna Grameena Bank and the Kaveri Grameena Bank.

The Kaveri Grameena bank is now being operated in 10 districts of South Karnataka maintaining 502 branches. The bank came in to existence in the year 2012 and locating head quarters in Mysore. Both the banks have high customer base and render their own kinds of personalized services to its customers.

Hopefully the article is informative and helped you get information about the amalgamation of the RRB in the state of Karnataka. Follow us for more information and details about the proposal made for the new amalgamation.