Date:03/06/2006 URL: http://www.thehindubusinessline.com/2006/06/03/stories/2006060301451900.htm

Back Syndicate Bank merges RRBs

Our Bureau

Hyderabad , June 2

Syndicate Bank has announced that three of its sponsored regional rural banks (RRBs) were merged to form Andhra Pragathi Grameena Bank headquartered at Kadapa.

The three RRBs are Rayalaseema Grameena Bank, Sree Anantha Grameena Bank and Pinakini Grameena Bank.

The amalgamated entity would have operational area covering five districts of Anantpur, Kadapa, Kurnool, Prakasam and Nellore with a network of 332 branches and total business of Rs 3,886 crore.

In a press release here on Friday, Syndicate Bank said all the three RRBs were earning profits during the past several years.

The amalgamated RRB would continue to play an active role in rural credit dispensation as per the objectives of establishing the RRBs by the Government.