Union Government, Extraordinary, 2013-01-07, Part II-Section 3-Sub-Section(ii), Ref. S.O. 60(E)

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jem ea 31802 aH OE: ATT,

MINISTRY OF FINANCE
(Department of Financlal Services)
NOTIFICATION
New Defi, the 7th January, 2013

.8.0.60(E)— Whereas the Central Goverment, after consultation with the National
Bank for Agriculture and Rural Development (NABARD}, Goverment of Odisha and
the Indian Overseas Bank, UCO Bank and Bank of India being the Sponsor Banks
of Neelachal Gramya Bank, Kalinga Gramya Bank and Baltam! Gramya Bank is of
the opinion that it ig necessary in the public interest and in the interest of the
development of the area served by the aforesaid Regional Rural Banks and also in
the interest of the sald Regional Rural Banks themselves, that the said Regional
Rurat Banks should be amalgamated into a single Regional Rural Bank;

Now, therefore, in exercise of the powers conferred by sub-section (1) of
section 234 of the Regional Rural Banks Act, 1976 (21 of 1976) (hereinafter referred
to as "the Act"), the Gentral Goverment hereby provides for the amakjamation of
the said Regional Rural Barks into a single Regional Rural Bank which shall come
into effect on and from the date of publication of thie notification in the Oficial
Gazette {hereinafter referred to as the “effective date of amalgamation”) with such
constitution, property, powers, rights, interests, authorities and privieges; and with
such iabitles, duties and obligations as specified hereunder

1, Neelachal Gramya Bank, Kalinga Gramya Bank end Baitami Gramya Bank
(hereinafter referred to as “the transferor Regional Rural Banks") sponsored by the
Indian Overseas Bank, UCO Bank and Bank of india in the State af Odisha are
hereby amalgamated into @ single Regional Rural Bank which shall be called as
Odisha Gramya Bank (hereinafler referred to as “the transferee Regional Rural
Bank") with ifs head office at Bhibaneswar under the sponsorship of Indian
Overseas Bank, :

2. The authorized capital of the transferee Regional Rural Bank shall be Rupees
five crore divided into five lakh number of fully paid shates of rupees one hundred
each, The subscribed share capital of the transferee Regional Rural Bank shail be
‘equal to the eubseribed share capital of transferor Regional Rural Banks and,
‘therefore, the entire subscribed share capital of the transferor Regional Rural Banks
shall be deemed to have been transferred to and shall be deemed as subscribed
shara capital of the transferee Regional Rural Bank.

fo aes
[THY GAZETTE OP INDIA EXTRAORDINARY User Sue, 309)

3. The entire share capital and share capltal deposit of the transferee Regional
Rural Bank shall be as under:-

| Bharé caplet
Central Government | Rupees Two hundred and fity lacs
{State Government | Rupees Seventy five lacs

SponsorBank Rupees One hundred sevénty five faca___|
Share Capital Rulpecs five Bundred eighty nine crore and
© [Deposit ane lakh .

4, From the effective data af amalgamation, the transferor Regional Rural Banks viz.,
Neslachal Gramya Bank, Kalinga Gramya Bank and Baitemi Gramya Bank shall
cease 10 carry on the business including that of making any payment fo any
depositors or dlacharge any Siabilty or obligation to the creditors except to the
extent ab may be necessary for Implementalion of the provisions of the
‘emalgamation as per this notification.

8, From the elfective date of amalgamation, the undertakings of the transferor
Regional Rurat Banks shall be transferred to and shall vest in the transferee
Regional Rural Bank:

{@) The uridertakings of the transferor Regional Rural Banks shall include all assets.
fights, powers, authoriies and privileges and all property movable and
immovable, cash balance, reserve funds, investments and all other rights and
interest in or atlsing out of such property, as are immadiataly before the
commencement of this notification, in the ownership, possession, power or
control ofthe transferor Regional Rural Banks whether within of outside lodia and
all books af accounts, registers. records and all otter documents of whatever
nature relating therete and shall also be deemed to include all borrowings,
liabitles and obligations of whatever kind then subsisting of the transferor
Regional Rural Banks;

(©) All contfacts, deeds, bonds, agreements, quarantess, powers of attomey, grants
of legal representation and other instauments 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 Rural Banks shall be in full force and effect againat or in
favour of the transferee Regional Rural Bank and may be enforced or acted upon
as fully and effectively as if in the place of the transferor Regional Rural Banks.
the transferee Regional Rural Bank has been @ party thereto or as if they had
been issued in favour af lhe transferee Regional Rural Bank;

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bara. are 301 Ser EEE = BNET

(6) 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 agsinst to, the transferor Regional Rural anks, the
same shail not abale, be discontinued or be, In any way, prejudicialy affected by
reason of the transfer of the undertaking of the transferor Regional Rural Banks
‘or of anything contained in this notification but the suit, appeal or other
proceedings may be continued, prosecuted and enforced by, or against, the
transferee Replonal Rural Bank;

(a) Any referanca to the transferor Regional Rural Banks in any agreamant,
contract, conveyance, assurance, power of attorney or any other dacument of
whatsoever natura shall be deemed to be a reference to the transferee Regional
Rural Bank and the rights and obligations of the transferor Regional Rural Banks
shall be deemed to be the rights and obligations of the transferee Regional Rural
Bank.

6 (@)_In respect of every savings banks account or current account or any
other depasit account including a fixed deposit, cash cenilicate, 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 Rural Bank shall
‘open with itself an the effective date of amalgamation a corresponding and similar
apcaunt in the name of the respective hokler(s) thereof crediting thereto full amount
‘including Intereet to tha extant payable:

Provided that where the transfaraa Regional Rural Bank entertains a
reasonable doubt: about the correctness of the entries made in any particular
‘account, it may with the approval of the Sponsor Bank withhold the credit to be made
in that account for a period not exceeding three months from the effective date of
amalgamation within which the transfarse bank shall ascertain the corect balances in
such account, .

(©) in respect of every other liability, notwithstanding anything contained in the
Tranafar of Property Act, 1882 or the Registration Act, 1808, this notification shell be
sufficient conveyance, in accordance with the provisions, of this notification, of the
business, properties, assets and liabilities. rights, intérests, powers, privileges,
benefits and obligations of whatever nature of the transferor Regional Rural Banks to
the transferee Regional Rural Bank.

7. (a) The service of all the employees of the transferor Regional Rural Banks
(excepting such of them as vot being workmen within the meaning of the Industial
Disputes Act, 1947 ) shall conunue In the transferae Regionat Rural Bank at the
same remuneration and on the same terms end conditions of serviog, which they
1: GAZETZE OF IS DUA EXTRAORDINARY er 8.2,

were getting of, as the case may be, by which they were governed immediately
before the effective date of amalgamation.

jb) The inter-se-seniority of officers and empioyees, directly recruited or
promoted, 19 be decided by the Committee representing the sponsor bank and the
National Bank for Agriculture and Rural evelopment.

8, The transferee Regional Rural Bank shai have the power ta post the employees.
in the interest af the bank and the public as a whole anywhere in the entire area of
‘operation of the transferee Regional Rural Bank,

8. The area of operation of the transferee Regional Rural Bank shall be the
combined area of operation of the transferor Regional Rural Banks viz. Neelachal
Gramya Bank, Kalinga Gramya Bank and Baitarn: Gramya Bank in the Districts of
Angul, Dhenkanal, Khurda, Nayagarh, Puri, Mayurbhanj, Keonjhr, Cuttack, Jajput,
Kendrapara, Jagatsinghpur, Balasore and Bhadrek in the State of Odisha.

10, Unless otherwise expressly provided in this notification. the provisions of the Act
shall have the same effect on the transferee Regional Rural Bank as If ithas been
established under sub-section (1) of section 3 of the Act.

IF. No, 1/12012-RRB]
UMESH KUMAR, Jt Secy

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