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JULY 9 2013:
The Finance Ministry has notified the formation of Kerala Gramin Bank by amalgamating South and North Malabar Gramin Banks, the two regional rural banks in the State.
The newly formed bank comes into existence with effect from July 8, according to a Government of India Extraordinary Gazette Notification.
The command area of the new bank will be the combined operational area of the two erstwhile RRBs (all the 14 districts of the State).
The headquarters of the new bank will be at Malappuram and it is sponsored by Canara Bank.
The KGB will have a total net worth of Rs. 471.58 crore and 504 branches. It has deposits of Rs. 7,266 crore and advances of Rs. 7,761 crore, with a total business of Rs. 15,027 crore and a C-D ratio of 107 per cent.
According to K.V. Shaji, Chairman, Kerala Gramin Bank, the amalgamation would result in economies of scale in operation, improved outreach and strengthening of the bank to contribute better to the development of the area served by it.
The shareholding pattern of Kerala Gramin Bank will continue to be along the lines of the earlier model with the Centre having 50 per cent, Canara Bank 35 per cent and the Kerala Government 15 per cent.
Canara Bank, the sponsoring bank, has initiated all measures to ensure a smooth amalgamation process.
Kerala Gramin Bank will ensure protection of the interest of the depositors and borrowers and they would be able to operate their existing accounts in the newly formed entity as before, he said.
Customers with cheque book facility can continue to use their existing cheque books till all the cheque leaves are exhausted.
The Chairman requested customers to continue to extend cooperation and support to enable the bank to emerge a stronger and vibrant rural financial institution.
(This article was published on July 9, 2013)
About Kerala Gramin Bank(
Kerala Gramin Bank (KGB) is a Regional Rural Bank (RRB) formed on 08/07/2013, under the Sub-Section (1) of Section 3 of the RRB Act 1976 (27 of 1976). The bank was formed by amalgamating the two RRBs of Kerala namely South Malabar Gramin Bank and North Malabar Gramin Bank through a notification by the government of India. The head office of Kerala Gramin Bank is at Malappuram and the sponsor bank is Canara Bank. Kerala Gramin Bank is the largest Regional Rural Bank in the country with a total business of above 15,000 Crore and a network of 508 branches spread all over Kerala. It is having dominant presence in all the 14 districts of Kerala State and is the only RRB in the State .
The share capital of the bank is 2 Crore contributed by the Central Government, State Government and Sponsor Bank in the ratio 50:15:35 respectively. As on 08.07.2013 Bank's total Deposits stood at 7306 Crores and total advance at 7707 Crore. The CD Ratio of the bank is 105%. The Bank has a well dedicated team of 2700 odd staff members.
The main focus of the bank is to initiate appropriate intervention for overall economic upliftment of the people of Kerala by giving financial assistance to the sectors like Agriculture, Micro, Small and Medium Enterprises, education, housing, micro-credit, weaker sections, SC/ST communities etc.
KGB has carved a niche for itself through its 36 year old history of dedicated and customized service to the clientele by its predecessor RRBs. With 508 branches as on 21/01/2014, it is the third largest bank in Kerala in terms of branch network. Further, its CD ratio is the highest among major banks of Kerala. KGB leads other Banks in the state in the number of persons assisted under Kisan Credit Card (KCC) and SME (Priority) schemes.
For the past 36 years the predecessor RRBs of the bank have succeeded in building warm relationship with its customers. Now KGB's objective is to intensify this relationship further and thus emerge as a strong, vibrant and socially committed 'Kerala's Own Bank'.