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| Innovation : Jammu Rural Bank, Kamraz Rural Bank merge to forum Grameen Bank | | | Early Times Report
Srinagar, July 1: Two Regional Rural Banks sponsored by J&K Bank in J&K State namely Kamraz Rural Bank and Jammu Rural Bank have been amalgamated and will now operate under a single new Regional Rural Bank - “J&K Grameen Bank” from July 1, 2009.
The area of operation of J&K Grameen Bank shall be the combined area of operation of amalgamated RRBs. The head office of the bank shall be located at Jammu.
Official spokesperson said that a notification to this effect was issued today by the Ministry of Finance, Department of Financial services, Government of India while exercising the powers conferred by sub-section (1) of section23A of the Regional Rural Banks Act, 1976 (21 of 1976) (hereafter referred to as “the Act”).
According to the notification, from the effective date of amalgamation, the transferor RRBs viz. Kamraz Rural Bank and Jammu Rural Bank shall cease to carry on the business and the transferee RRB i.e. J&K Grameen Bank shall come into existence and commence its business w.e.f. from the date of publication of the notification.
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Commenting on the amalgamation of KRB and JRB, Dr. Haseeb A. Drabu, Chairman and Chief Executive of J&K Bank hoped the consolidated new strong RRB in the State (J&K Grameen Bank) would pave way for enhancing economic development in the State. “J&K Grameen Bank will revolutionise mainstay of our economy and will have its main focus on agriculture lending and rural lending. There will be deepening of financial inclusion in the rural sector and enlarging outreach for empowering rural population with variety of banking services.
‘The new formation will ensure much needed credit delivery to promote agriculture production and other productive and employment generating enterprises in the state,” said Dr. Haseeb A Drabu.
Meanwhile, following the amalgamation, the undertakings of the Kamraz Rural Bank and Jammu Rural Bank shall stand transferred to and shall vest to the ‘J&K Grameen Bank’. The undertakings shall include assets, rights, powers, authorities and privileges and all property movable and immovable, cash balance, reserve funds, investments and all other rights and interests in or arising out of such property, as are immediately before the commencement of the notification.
If, on the effective date of amalgamation, any suit, appeal or other proceedings of whatsoever nature in relation to any business of the transferor Regional Rural Banks are pending by, or against to, the transferor Regional Rural Banks, the same shall not abate, be discontinued or be, in any way, prejudicially affected by reason of the transfer of the undertaking of the transferor Regional Rural Banks or of anything contained in the notification but the suit, appeal or other proceedings may be continued, prosecuted and enforced by, or against, the transferee Regional Rural Bank.
According to the notification, in respect of every savings banks account or current account or any other deposit account including a fixed deposit, cash certificate, monthly deposit, deposit payable at call or short notice or any other deposits by whatever name called with the transferor Regional Rural Bank, the transferee Regional Bank shall open with itself on the effective date of amalgamation a corresponding and similar account in the name of respective holder(s) thereof crediting thereto full amount including interest by the extent payable.
All contracts, deeds, bonds, agreements, guarantees, powers of attorney, grants of legal representation and other instruments of whatsoever nature subsisting or having effect immediately before the commencement of this notification and to which the transferor Regional Rural Banks are a party or which are in favour of the transferor Regional Banks shall be in full force and effect against or in favour of the transferee Regional Rural Bank (J&K Grameen Bank) and may be enforced or acted upon fully and effectively, says the notification.
The services of all the employees of the transferor Regional Banks (excepting such of them as not being workmen within the meaning of the Industrial Disputes Act, 1947) shall continue in the transferee Regional Rural Bank at the same remuneration and on the same terms and conditions of service, which they were getting or, as the case may be, by which they were governed immediately before the effective date of amalgamation.
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