India, July 21 -- The Government of India issued the following news release:
In order to improve operational viability of Regional Rural Banks (RRBs) and to take advantage of economies of scale, Government of India initiated structural consolidation of RRBs in FY 2005-06. In Phase-I amalgamation (2005-2010), the number of RRBs was brought down from 196 to 82 by amalgamating RRBs of the same Sponsor Bank within a State. In Phase-II amalgamation (2012-14), the number of RRBs was brought down from 82 to 56, by amalgamating RRBs across Sponsor Banks within a State with geographically contiguous areas of operation. Phase-III amalgamation was initiated in the year 2019 by amalgamating weaker RRB with the stronger RRB. As a result of Phase-ill am...