19 RRBs merged into 8; now 71 left
The government has merged 19 Regional Rural Banks (RRBs) into 8 entities. All this happened in spite of reservations by RBI. The Govt plans to merge more RRBs this financial year.
RBI was not happy with this decision as the Finance Ministry didn’t took RBI into loop while making this decision.
At present the numbers are as follows:
- RRBs = 71
- PSBs = 26