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:-
The share capital of the transferee Regional Rural Bank, by virtue of amalgamation w.e.f. 01.05.2025 would be Rs. 2559,27,35,734 (Rupees two thousand five hundred fifty nine crore twenty seven lakh thirty five thousand seven hundred thirty four), would be exceeding rupees two thousand crore, prescribed as authorized capital of RRB in Section 5 of Regional Rural Banks Act, 1976 [Act No. 21 of 1976];
In exercise of the powers conferred by proviso of Section 5 of the Regional Rural Banks Act, 1976 [Act No. 21 of 1976] and in consultation with National Bank for Agriculture and Rural Development and Punjab National Bank being the sponsor Bank of the transferee RRB, the Central Government has increased the authorized capital of transferee RRB to Rs.2559,27,35,734 (Rupees two thousand five hundred fifty nine crore twenty seven lakh thirty five thousand seven hundred thirty four) divided into fully paid shares of rupees ten each, w.e.f. 01.05.2025