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India merges 2 regional rural banks

The Indian government said Jan. 7 that it merged two more regional rural banks.

In the state of Bihar, the government merged Punjab National Bank-sponsored Madhya Bihar Gramin Bank and UCO Bank-sponsored Bihar Gramin Bank to form Dakshin Bihar Gramin Bank. The new bank will be under the sponsorship of Punjab National Bank.

The government recently announced the merger of Punjab Gramin Bank, Malwa Gramin Bank and Sutlej Gramin Bank.