J&K Grameen Bank, which was formed after merging two regional rural banks (RRBs) sponsored by Jammu & Kashmir Bank, started operations today.
Kamraz Rural Bank (KRB) and Jammu Rural Bank (JRB) have been amalgamated and started functioning under J&K Grameen Bank from today, a spokesperson of the J&K Bank said here.
He said the head office of the bank is located at Jammu and the area of operation of the Grameen bank shall be combined area of operation of the amalgamated RRBs.
A notification to this effect was issued yesterday by the Union Ministry of Finance, Department of Financial services, while exercising the powers conferred by sub-section (1) of section 23A of the Regional Rural Banks Act, 1976 (21 of 1976) (hereafter referred to as "the Act"), the spokesperson said.
While commenting on the amalgamation of KRB and JRB, chairman and chief executive of J&K Bank Haseeb A Drabu said the consolidated new strong RRB in the state (J&K Grameen Bank) would pave way for enhancing economic development in the
state.
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