Two of the State running bank merging their Rural bank arms with another Public Sector Bank Indian Overseas Bank (IOB). These two regional rural banks (RRBs) belonging to Bank of India and UCO Banks will merge with Indian Overseas Bank (IOB) Neelanchal Grammaia Bank.
After the merging the name of the bank will change to Odhisa Grammia Bank.
IOB CMD M Narendra said that : “This (the merger) is per as the directive of the Ministry which has been looking at RRBs performance” said A D M Chavali, executive director, Indian Overseas Bank.”
After merging all the three RRBs put together will have a book size of around Rs 10,000 crore with 480 branches across 15 districts in the state of Odisha.
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