Canara Bank has informed the exchanges that it has amalgamated regional rural banks - Shreyas Gramin Bank sponsored by it with Aryavart Kshetriya Gramin Bank sponsored by Bank of India. Both the RRBs are located in Uttar Pradesh.
The ministry of finance (MoF) had envisaged amalgamation geographically contiguous RRBs sponsored by different bank within a state with single sponsor bank which will help in optimising the use of modern technology.
After the merger, the RRB is called Gramin Bank of Aryavart with its head office at Lucknow under the sponsorship of Bank of India.
Source : Business Line 20th May
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