Kerala Gramin Bank Merger

Hello I want to know about the Kerala Gramin Bank merger so kindly tell me all about the merge policy of the bank and when it is done please????

[Arun Vats]

As you are asking for the Kerala Gramin Bank merger so I want to tell you that the merge was take place in July 9, 2013.

For more details I am providing you the details below.

The Finance Ministry has advised the formation of Kerala Gramin Bank by join together South and North Malabar Gramin Banks, the two regional rural banks in the State.

The newly created bank comes into continuation with effect from July 8, according to a Government of India Extraordinary Gazette Notification.
The command area of the new bank will be the mutual operational area of the two erstwhile RRBs (all the 14 districts of the State).

The headquarters of the new bank will be at Malappuram and it is sponsored by Canara Bank.

The KGB will have a total net worth of Rs. 471.58 crore and 504 branches. It has deposits of Rs. 7,266 crore and advances of Rs. 7,761 crore, with a total business of Rs. 15,027 crore and a C-D ratio of 107 per cent.
According to K.V. Shaji, Chairman, Kerala Gramin Bank, the amalgamation would result in economies of scale in operation, improved outreach and strengthening of the bank to contribute better to the development of the area served by it.

The shareholding pattern of Kerala Gramin Bank will continue to be along the lines of the earlier model with the Centre having 50 per cent, Canara Bank 35 per cent and the Kerala Government 15 per cent.

Canara Bank, the sponsoring bank, has initiated all measures to ensure a smooth amalgamation process.

Kerala Gramin Bank will ensure protection of the interest of the depositors and borrowers and they would be able to operate their existing accounts in the newly formed entity as before, he said.

Customers with cheque book facility can continue to use their existing cheque books till all the cheque leaves are exhausted.

The Chairman requested customers to continue to extend cooperation and support to enable the bank to emerge a stronger and vibrant rural financial institution.

Contact Details:
Kerala Gramin Bank
Kozhichal branch
Vellur - Padiyottuchal - Polingome Road
Kozhichal, Kerala 670511

[MAP]Kerala Gramin Bank, Kozhichal[/MAP]