HYDERABAD: As many as 493 branches of Andhra Pradesh Grameena Vikas Bank, located in Telangana, will be merged with Telangana Grameena Bank (TGB) with effect from January 1, 2025.
Post-merger, the TGB will have a network of 928 branches with a turnover of around Rs 70,000 crore, making it one of the biggest rural banks in the country.
Announcing this at a press conference here on Thursday, TGB chairperson Y Sobha said that the merger will take place as per the orders issued by the Union government in November.
At present, APGVB operates a total of 771 branches in Andhra Pradesh and Telangana — 493 in Telangana and 278 in Andhra Pradesh. These 278 branches will continue to operate in Andhra Pradesh as APGVB.
The decision is a part of the consolidation and strengthening exercise of the banking sector particularly Regional Rural Banks (RRBs) and under the Union government’s ‘One State - One RRB’.
“At present, we are catering to the needs of the customers of five erstwhile districts of Telangana state — Adilabad, Karimnagar, Nizamabad, Rangareddy and Hyderabad. Post-merger, all the 33 districts of Telangana will come into the TGB fold,” said Sobha.
She said that the TGB has at present a turnover of Rs 30,000 crore with 435 branches working in 18 districts. “Post-merger, TGB will have a branch network of 928 branches with turnover around Rs 70,000 crore and will be one of the biggest RRBs in the country,” Sobha said.
During the merger process, banking services across the branches, online platforms (ATM, UPI, Mobile banking, Internet banking, etc) and CSPs may be interrupted between December 28 and December 31, 2024. From January 1, normal banking services will be available.
Keeping in view of the exigencies, the TGB is allowing customers to withdraw up to Rs 5,000 by visiting their home branch on December 30 and 31, 2024. Non-home branch transactions will not be allowed during the transition period.
For replacement of debit cards, customers can visit the bank ranches after January 1
For mobile banking users, “TGB Mobile Banking” app should be downloaded
Cheques, DDs of APGVB issued up to December 31, 2024, will be accepted till March 315
Customers will get new personalised chequebooks for use from January 1
For clarifications, customers can log on to www.tgbhyd.in or contact the nearest branch