Bangiya Gramin Vikash, Paschim Banga Gramin Bank and Uttarbanga Kshetriya Gramin Bank (hereinafter referred to as the transferor Regional Rural Banks) sponsored by the Punjab National Bank, UCO Bank and Central Bank of India in the State of West Bengal are hereby amalgamated into a single Regional Rural Bank, which shall be called as West Bengal Gramin Bank (hereinafter referred to as the transferee Regional Rural Bank) with its head office at Kolkata under the sponsorship of Punjab National Bank.
Now, therefore, in exercise of the powers conferred by sub-section (1) of section 23A of the Regional Rural Banks Act, 1976 (21 of 1976) (hereinafter referred to as the Act), the Central Government hereby provides for the amalgamation of the said Regional Rural Banks into a single Regional Rural Bank, which shall come into effect on and from the 1st day of May, 2025 (hereinafter referred to as the effective date of amalgamation) with such constitution, property, powers, rights, interests, authorities and privileges; and with such liabilities, duties and obligations as specified hereunder:-
1. Bangiya Gramin Vikash, Paschim Banga Gramin Bank and Uttarbanga Kshetriya Gramin Bank (hereinafter referred to as the transferor Regional Rural Banks) sponsored by the Punjab National Bank, UCO Bank and Central Bank of India in the State of West Bengal are hereby amalgamated into a single Regional Rural Bank, which shall be called as West Bengal Gramin Bank (hereinafter referred to as the transferee Regional Rural Bank) with its head office at Kolkata under the sponsorship of Punjab National Bank.
2. The authorised capital of the transferee Regional Rural Bank shall be rupees two thousand crore divided into two hundred crore number of fully paid shares of rupees ten each. The subscribed share capital of the transferee Regional Rural Bank shall be equal to the subscribed share capital of transferor Regional Rural Banks and, therefore, the entire subscribed share capital of the transferor Regional Rural Banks shall be deemed to have been transferred to and shall be deemed as subscribed share capital of the transferee Regional Rural Bank.