3 rural banks merged to form OGB - The New Indian Express

3 rural banks merged to form OGB

Published: 14th January 2013 11:19 AM

Last Updated: 14th January 2013 11:19 AM

In a bid to strengthen the economic viability of the regional rural banks (RRBs) in the coastal districts of the State, the three RRBs __ Nilachal Gramya Bank (NGB), Kalinga Gramya Bank (KGB) and Baitarani Gramya Bank (BGB) __ have been merged to form the Odisha Gramya Bank (OGB).

 The OGB, which has come into being under the notification of the Central Government, will  cover around 13 coastal districts.

The Indian Overseas Bank (IOB) will act as the sponsor bank for the OGB with a stake of 35 per cent. The IOB had been the sponsor bank of the erstwhile Nilachal Gramya Bank.

 With the merger, the newly formed OGB starts its operations with a total workforce of 2,300, including 900 employees of NGB and KGB along with 500 staff of BGB.

 The head office of NGB at Pokhariput in Bhubaneswar will also work as the head office for the OGB.

 The NGB, with 174 branches in undivided Puri and Dhenkanal districts, had a business mix of Rs 4,200 crore.

The KGB, operating in Cuttack and Balasore districts, had a business mix of Rs 3,000 crore, while the BGB, operating in Keonjhar and Mayurbhanj districts, had a business mix of Rs 2,100 crore.

 The amalgamation of these banks into single fold will not only help enhance the economic viability but also provide benefits to customers, including loan facilities.

 The newly formed OGB will develop its infrastructure by opening ATM counters in order to meet the customers’ demand, bank sources said.

 To mark the merger, IOB Executive Director A K Bansal visited the State recently and expressed the hope that the new entity will strive to infuse professionalism and efficiency into

its system and provide satisfaction to the customers through its prompt service delivery.

 Among others, Chairman of OGB D K Nanda, DGM, IOB, K M Thirunavukkarasu, CRM, IOB,  Bhubaneswar, S Umapathi, chairmen of the erstwhile KGB and BGB, S K Jain and Aurobindo Bhowmick, respectively, were present.

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