The finance ministry has decided to merge 2 regional rural banks in Tamil Nadu as part of a plan to consolidate public sector banks’ rural banking operations. Accordingly, the Pallavan Grama Bank, sponsored by Indian Bank and Pandyan Grama Bank, sponsored by Indian Overseas Bank will merge into a single entity. It will be named Tamil Nadu Grama Bank and will function under Indian Bank with head office at Salem. The merger will be effective 1 April. The new bank will have presence in 32 out of 33 districts of the state through a branch and BC network. The bank will strive to deepen financial inclusion and widen the enrollment under social security initiatives to accelerate the all-round, all –inclusive economic progress in rural areas of the state.
