Punjab will amalgamate 20 district central cooperative banks with the Punjab State Cooperative Bank (PSCB) by the end of this financial year, reports Tribune News Service.
Punjab has sought permission from the Reserve Bank of India in this connection. Following amalgamation, the PSCB will be the largest bank in the state with 804 branches.
It is worth mentioning that District Central Cooperative Banks (DCCBs) in Punjab serve nine lakh farmers lending Rs 12,000 crore each year to them. Sources say of the 20 District Central Cooperative Banks, 11 were Rs 700 crore in the red.