National Bank for Agriculture and Rural Development (NABARD) is working on the proposal sent by SBI, which also plans to merge five RRBs in the Northeast and create one bank with a network across the developing region. The country’s largest PSB is planning to take Andhra Pradesh Grameena Vikas Bank (APGVB) and Saurashtra and Saurashtra Gramin Bank (SGB) to the market. These banks are profitable, have a good network in rural and urban areas of their states and can use this money for growth.
SBI will become the first public sector lender to list its rural lenders after the enactment of the RRB Amendment Bill 2014.
Meanwhile, the stock was trading up by 0.60% at Rs 275 per share on BSE at 0938 hours. It opened at Rs 273.90 per share. The stock has touched its intraday high and low at Rs 275.05 and Rs 273.35 per share, respectively. The stock has attracted a total traded volume of 8,68,755 shares and traded value of Rs 2,384.73 lakh on NSE.
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