Aryavart Kshetriya Gramin Bank and Shreyas Gramin Bank sponsored by Bank of India and Canara Bank respectively in the state of Uttar Pradesh have been amalgamated into a single Regional Rural Bank (RRBs), which is called as Gramin Bank of Aryavart. The Head Office of new bank will be Lucknow under the sponsorship of Bank of India with effect from April 01, 2013. The Ministry of Finance, Government of India, vide its letter dated April 01, 2013 after consulting NABARD has taken this decision.
The Ministry of Finance, Government of India, basically has envisaged amalgamation geographically contiguous RRBs sponsored by different banks within a state, with single sponsor bank which will help in optimizing the use of modern technology.
The bank’s net profit for the quarter ended March 31, 2013 declined by 12.51% at Rs 725.38 crore for the quarter as compared to Rs 829.09 crore for the quarter ended March 31, 2012. Bank’s total income has increased by 4.81% at Rs 9471.57 crore for the quarter under review as compared to Rs 9036.75 crore for the corresponding quarter of the previous fiscal.
