Madhya Pradesh Bank Merger Under One State-One RRB Policy
| Aspect | Details |
|---|---|
| Event | Merger of Madhya Pradesh Gramin Bank and Madhyanchal Gramin Bank |
| Effective Date | 1 May 2025 |
| Policy | One State-One RRB Policy |
| Number of RRBs Post-Merger | Reduced from 43 to 28 |
| Authorised Capital | Rs 2,000 crore per new RRB |
| Objective | Improve efficiency, management, customer service, and financial inclusion |
| Historical Background | - 2006-2010: Reduced from 196 to 82 RRBs- 2013-2015: Reduced to 56 RRBs- Now: Reduced to 43 RRBs |
| Merger in MP | Madhya Pradesh Gramin Bank and Madhyanchal Gramin Bank merged into one bank, sponsored by Bank of India (HQ: Indore) |
| RRB Establishment | Established in 1975 under Regional Rural Banks Act, 1976 |
| Purpose of RRBs | Provide credit for agriculture and rural sectors |
| Regulation | Regulated by NABARD (National Bank for Agriculture and Rural Development) |
| Shareholding | 50% Government of India, 35% sponsor banks, 15% state governments |