Chennai, Feb 2 : Public sector Indian Bank on Saturday said two regional rural banks (RRBs) -- Pallavan Grama Bank and Pandyan Grama Bank -- will be merged to form Tamil Nadu Grama Bank as per the Finance Ministry notification.
The integration will be effective from April 1.
The new Tamil Nadu Grama Bank will be under the sponsorship of Indian Bank with head office in Salem, Indian Bank said in a statement.
Originally the Pallavan Grama Bank was sponsored by Indian Bank and Pandyan Grama Bank by Indian Overseas Bank.
"We assure that with more than Rs 21,000 crore of business through 625 branches and 800 business correspondent outlets spread over the state, Tamil Nadu Grama Bank will continue to deliver high quality products and services to customers," Indian Bank said.