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Indian government merges 3 regional rural banks

The government of India has merged three regional rural banks — Punjab Gramin Bank, Malwa Gramin Bank and Sutlej Gramin Bank — into a single regional rural bank, with effect from Jan. 1.

The amalgamation comes after consultations with sponsor banks including National Bank for Agriculture & Rural Development, Punjab National Bank, Punjab & Sind Bank and State Bank of India, according to a Jan. 5 stock exchange filing.