chaitanya godavari grameena bank

New Regional Rural Bank formed

It is named `Chaitanya Godavari Grameena Bank'

# New RRB came into effect from March 1, says General Manager
# Will have 84 full-fledged branches
Rajahmundry: Two rural banks -- Godavari and Chaitanya -- have amalgamated into a single Regional Rural Bank (RRB) and the new bank was named as `Chaitanya Godavari Grameena Bank', headquartered at Guntur.

The General Manager of the new bank M.V. Gandhi in a statement on Thursday said that the new RRB came into effect from March 1.

He mentioned that with the amalgamation, the new bank will have 84 full-fledged branches, two extension counters spread across East Godavari, West Godavari and Guntur districts of coastal Andhra Pradesh.

According to Mr. Gandhi, the authorised share capital of the new entity shall be Rs.7.49 crore in the ratio of 50 per cent by the Central Government, 35 per cent by Andhra Bank and 15 per cent by the State Government respectively.

The new RRB will have reserves and own funds amounting to Rs.50.82 crore and has a business volume of Rs.625 crore.

The amalgamation will provide economies of scale for introducing new business products, increased use of technology, better customer service etc., he added.

However, it is informed that all contracts, deeds, bonds, deposits, agreements, guarantees, other instruments of whatsoever nature, shall be in full force and in favour of the new RRB.

The General Manager said that consequent to the Government of India announcement, all branches of Godavari Grameena Bank in East and West Godavari districts will henceforth be named as Chaitanya Godavari Grameena Bank.

The branches, however, will function normally.