Home India Ministry of Finance Whereas the Central Government, after consultation with the ...
Date: 2019-01-28 Category: Extra Ordinary State: Union Government Country: India

Whereas the Central Government, after consultation with the National Bank for Agriculture and Rural Development

Issued by Ministry of Finance · Department of Financial Services

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Executive Summary & Key Takeaways

Executive Summary: This notification, issued by the Central Government, concerns the amalgamation of Pallavan Grama Bank and Pandyan Grama Bank into a single Regional Rural Bank, named Tamil Nadu Grama Bank, effective April 1, 2019. This decision was made after consulting with NABARD, the Government of Tamil Nadu, and the Sponsor Banks, citing public interest and the development of the area served by the banks. The Indian Bank will sponsor the new entity. Key Points / Main Content: * **Amalgamation Details:** * Pallavan Grama Bank and Pandyan Grama Bank are amalgamated into Tamil Nadu Grama Bank, with its head office in Salem. * The amalgamation is effective from April 1, 2019. * Indian Bank sponsors the transferee Regional Rural Bank. * **Capital Structure:** * The authorized capital of Tamil Nadu Grama Bank is ₹2000 crore, divided into 200 crore shares of ₹10 each. * The subscribed share capital of the transferor banks is transferred to and becomes the subscribed share capital of the transferee bank. * **Share Capital Distribution:** * Central Government: ₹23.48 crore * State Government: ₹7.04 crore * Sponsor Bank: ₹16.44 crore * Share Capital Deposit: Nil * **Cessation of Business for Transferor Banks:** * Pallavan Grama Bank and Pandyan Grama Bank cease to carry on business from the effective date, except for actions necessary to implement the amalgamation. * **Transfer of Undertakings:** * All assets, rights, powers, properties, and liabilities of the transferor banks are transferred to Tamil Nadu Grama Bank. * Existing contracts, deeds, agreements, and legal instruments involving the transferor banks will be fully effective and enforceable by or against Tamil Nadu Grama Bank. * Pending legal proceedings involving the transferor banks will continue with Tamil Nadu Grama Bank as the successor. * References to the transferor banks in any document are deemed to refer to Tamil Nadu Grama Bank. * **Account Transfers:** * Tamil Nadu Grama Bank will open corresponding accounts for all depositors of the transferor banks with the full amount, including interest. * The credit to be made in any particular account may be withheld for a period not exceeding three months from the effective date of amalgamation. * The notification serves as sufficient conveyance of all business, properties, assets, and liabilities. * **Employee Matters:** * Employees of the transferor banks (excluding those not considered workmen under the Industrial Disputes Act, 1947) will continue their service with Tamil Nadu Grama Bank on the same terms and conditions. * Inter se seniority will be decided as per NABARD guidelines. * **Operational Area:** * The operational area of Tamil Nadu Grama Bank will be the combined area of the transferor banks (all districts in Tamil Nadu except Chennai). * **Applicability of the Act:** * The Regional Rural Banks Act, 1976, applies to Tamil Nadu Grama Bank as if it were established under the Act. Impact Analysis: **Depositors:** Impact: Existing accounts in Pallavan Grama Bank and Pandyan Grama Bank will be transferred to Tamil Nadu Grama Bank. Action Required: No immediate action is required, but depositors should note the new bank name and any changes in processes communicated by the bank. **Employees:** Impact: Employees of Pallavan Grama Bank and Pandyan Grama Bank will become employees of Tamil Nadu Grama Bank, with their existing terms and conditions of service largely maintained. Action Required: Employees should adhere to guidelines by NABARD and Sponsor Bank regarding inter se seniority. **Central Government, State Government and Sponsor Banks (Indian Bank and Indian Overseas Bank):** Impact: The Central Government, State Government and Sponsor Banks continue to hold share capital as per specified ratios. The Indian Bank assumes sponsorship of the amalgamated entity. Action Required: Ensure the capital is correctly reflected. The Indian Bank should prepare to fulfil its role as the sponsor bank for Tamil Nadu Grama Bank. **NABARD:** Impact: NABARD played a consultative role in the amalgamation. Action Required: Provide guidance and support to Tamil Nadu Grama Bank, especially regarding employee seniority and operational matters.

Key Entities Referenced

Regional Rural Banks Act, 1976: An act of the Indian Parliament concerning Regional Rural Banks, referenced as the legal basis for the amalgamation. National Bank for Agriculture and Rural Development: NABARD, an apex development financial institution in India, consulted in the amalgamation process. Tamil Nadu: The State in India where Pallavan Grama Bank and Pandyan Grama Bank are located and the area of operation of the transferee bank. Indian Bank: One of the Sponsor Banks for Pallavan Grama Bank and the Sponsor Bank of Tamil Nadu Grama Bank. Indian Overseas Bank: One of the Sponsor Banks for Pandyan Grama Bank. Pallavan Grama Bank: One of the Regional Rural Banks being amalgamated. Pandyan Grama Bank: One of the Regional Rural Banks being amalgamated. Tamil Nadu Grama Bank: The new Regional Rural Bank formed after the amalgamation of Pallavan Grama Bank and Pandyan Grama Bank.
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L.-33004/99 vlk/kj.k EXTRAORDINARY Hkkx II—[k.M 3—mi&[k.M (ii) PART II—Section 3—Sub-section (ii) izkf/dkj ls izdkf'kr PUBLISHED BY AUTHORITY la- 363] ubZ fnYyh] lkseokj] tuojh 28] 2019@ek?k 8] 1940 No. 363] NEW DELHI, MONDAY, JANUARY 28, 2019/MAGHA 8, 1940 ििििवववव(cid:3)(cid:3)(cid:3)(cid:3) मममम(cid:7)(cid:7)ंं(cid:7)(cid:7)ंं ााााललललयययय ((((ििििवववव(cid:3)(cid:3)(cid:3)(cid:3)ीीीीयययय ससससेवेवेवेवााााएएएएं ं ं ं ििििववववभभभभाााागगगग)))) अअअअििििधधधधससससचचूूचचूू ननननाााा नई (cid:4)द(cid:6)ली, 28 जनवरी, 2019 ककककाााा....आआआआ.... 444477776666((((अअअअ))))....—क(cid:10)(cid:11)ीय सरकार का रा(cid:15)ीय कृिष और (cid:20)ामीण िवकास ब(cid:26)क (नाबाड)(cid:28) , तिमल नाडु सरकार और इंिडयन ब(cid:26)क तथा इि!डयन ओवरसीज़ ब(cid:26)क जो, प(cid:6)लवन (cid:20)ामा ब(cid:26)क और पािं डयन (cid:20)ामा बक(cid:26) के ’ायोजक ब(cid:26)क ह,(cid:26) से परामश(cid:28) करने के प+ चात यह िवचार ह ै(cid:4)क जनिहत और उपयु(cid:28)0 ’ादिे शक (cid:20)ामीण ब(cid:26)क1 2ारा िजन 34े 1 म (cid:10) सवे ा दी जा रही ह,ै उन 3े41 के िवकास के िहत म(cid:10) तथा 5वयं उ0 ’ादिे शक (cid:20)ामीण बक(cid:26) 1 के िहत म(cid:10) यह आव+यक ह ै (cid:4)क उ0 ’ादिे शक (cid:20)ामीण बक(cid:26) 1 को एकल ’ादिे शक (cid:20)ामीण ब(cid:26)क म(cid:10) समामेिलत (cid:4)कया जाना चािहए; अत:, क(cid:10)(cid:11)ीय सरकार अब ’ादिे शक (cid:20)ामीण ब(cid:26)क अिधिनयम, 1976 (1976 का 21) (िजसे इसम(cid:10) इसके प:ात 'अिधिनयम' कहा गया ह)ै क; धारा 23क क; उपधारा (1) 2ारा ’द< शि0य1 का ’योग करत े >ए उ0 ’ादिे शक (cid:20)ामीण ब(cid:26)क1 को एकल ’ादिे शक (cid:20)ामीण ब(cid:26)क म(cid:10) समामेिलत करने का उपबंध करती ह ै जो ऐसे गठन, संपि<, शि0, अिधकार, िहत1, ’ािधकार1 और िवशेषािधकार1; तथा ऐसी दये ता@, कत(cid:28)A1 और दाियBव1 जो नीच े िविनCदD ह,(cid:26) के साथ अअअअ(cid:12)(cid:12)(cid:12)(cid:12)ललैैललैै ,,,, 2222000011119999 ककककाााा पपपपहहहहललललाााा (cid:21)(cid:21)(cid:21)(cid:21)ददददनननन से ’भावी होगा (िजसे इसम(cid:10) इसके प:ात 'समामेलन क; ’भावी तारीख़’ कहा गया ह)ै :- 1. तिमल नाडु राFय म(cid:10) इंिडयन ब(cid:26)क तथा इि!डयन ओवरसीज़ बक(cid:26) के 2ारा ’ायोिजत प(cid:6)लवन (cid:20)ामा बक(cid:26) और पािं डयन (cid:20)ामा ब(cid:26)क (िजसे इसम(cid:10) इसके प:ात अंतरणकता(cid:28) ’ादिे शक (cid:20)ामीण बक(cid:26) कहा गया ह)ै को एकल ’ादिे शक (cid:20)ामीण ब(cid:26)क ततततििििममममलललल ननननााााडडडडुुुु (cid:27)(cid:27)(cid:27)(cid:27)ााााममममाााा बबबबकक(cid:29)(cid:29)कक(cid:29)(cid:29) म(cid:10) समामेिलत (cid:4)कया जाता ह ै (िजसे इसम(cid:10) इसके प:ात 'अंतGरती ’ादिे शक (cid:20)ामीण बक(cid:26) ' कहा गया ह)ै िजसका ’धान काया(cid:28)लय ससससललेेललेे मममम म(cid:10) होगा और इसका ’ायोजक ब(cid:26)क इइइइंंंंििििडडडडययययनननन बबबबकक(cid:29)(cid:29)कक(cid:29)(cid:29) होगा। 531 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] 2. अंतGरती ’ादिे शक (cid:20)ामीण ब(cid:26)क क; ’ािधकृत पूंजी दो हजार करोड़ Jपए होगी जो ’Bयेक दस Jपए के पूण(cid:28) चुकता शेयर1 क; दो सौ करोड़ क; संLया म(cid:10) िवभािजत होगी। अंतGरती ’ादिे शक (cid:20)ामीण ब(cid:26)क क; अिभद< शेयर पूंजी अंतरणकता(cid:28) ’ादिे शक (cid:20)ामीण ब(cid:26)क1 क; अिभद< शेयर पूंजी के बराबर होगी तथा इस ’कार, अंतरणकता (cid:28) ’ादिे शक (cid:20)ामीण ब(cid:26)क1 क; सNपूण(cid:28) अिभद< शेयर पूंजी ह5तांतGरत मानी जाएगी और अंतGरती ’ादिे शक (cid:20)ामीण बक(cid:26) क; अिभद< शेयर पूंजी के Oप म(cid:10) मानी जाएगी। 3. अंतGरती ’ादिे शक (cid:20)ामीण बक(cid:26) क; सNपूण(cid:28) शेयर पूंजी और शेयर पूंजी जमा िनPां(cid:4)कत हःै - 1. शेयर पूंजी (क) केR(cid:11) सरकार तेइस करोड़ और अड़तालीस लाख Jपए; (ख) राFय सरकार सात करोड़ और चार लाख Jपए; (ग) ’ायोजक ब(cid:26)क सोलह करोड़ और चवालीस लाख Jपए; 2. शेयर पूंजी जमा शूRय 4. समामेलन क; ’भावी तारीख़ से, अंतरणकता(cid:28) ’ादिे शक (cid:20)ामीण ब(cid:26)क, जैसे प(cid:6)लवन (cid:20)ामा ब(cid:26)क और पांिडयन (cid:20)ामा ब(cid:26)क पर, इस अिधसूचना के अनुसार समामेलन के उपबंध1 को लागू करने के िलए जो आव+यक होगा, को छोड़कर (cid:4)कRहU भी जमाकता@(cid:28) को (cid:4)कसी ’कार का भगु तान करने या उधारकता(cid:28)@ को (cid:4)कसी ’कार क; दने दारी या बाVयताए ं चुकाने सिहत कारोबार करने पर ’ितबंध होगा। 5. समामेलन क; ’भावी तारीख से अंतरणकता (cid:28) ’ादिे शक (cid:20)ामीण ब(cid:26)क1 के उपXम, अंतGरती ’ादिे शक (cid:20)ामीण ब(cid:26)क को अंतGरत हो जाएगं े और उनम(cid:10) िनिहत हो जाएगं े। (क) अतं रणकता(cid:28) ’ादेिशक (cid:20)ामीण ब(cid:26)क1 के उपXम1 म(cid:10) सभी आि5तय1, अिधकार, शि0य1, ’ािधकार तथा िवशेषािधकार और सभी चल तथा अचल संपि<य1, शेष नकदी, आरि3त िनिधय1, िनवेश और अRय सभी अिधकार तथा ऐसी संपि<य1 पर या उसस े ’ाY होने वाला Zयाज, जो इस अिधसूचना के लागू होने स े तBकाल पूव(cid:28) अतं रणकता(cid:28) ’ादिे शक (cid:20)ामीण ब(cid:26)क1 के 5वािमBव, अिधकार, शि0 या िनयं4ण म(cid:10) हो, चाह े वह भारत म (cid:10) हो या बाहर तथा सभी लेखा-बिहया,ं रिज5टर, Gरकाड(cid:28) और उसस े सबं ंिधत सभी ’कार के अRय सभी कागजात शािमल ह1ग े तथा इसके अंतग(cid:28)त अतं रणकता(cid:28) ’ादिे शक (cid:20)ामीण ब(cid:26)क का उस समय िनवा(cid:28)ह करने वाले सभी ’कार के उधार1, दये ता@ और दाियBव1 को सिNमिलत समझा जाएगा; (ख) इस अिधसूचना के लागू होने से तBकाल पूव(cid:28) िनवा(cid:28)ह करने वाली या ’भावी सभी संिवदाए,ं करार बा!ड, समझौते, गारंGटया,ं मुLतारनामा, कानूनी ’ितवेदन क; मंजूरी और (cid:4)कसी भी ’कार के अRय िलखत और िजसके िलए अतं रणकता (cid:28) ’ादिे शक (cid:20)ामीण ब(cid:26)क एक प3 ह (cid:26)या जो अतं रणकता(cid:28) ’ादिे शक (cid:20)ामीण ब(cid:26)क1 के प3 म(cid:10) ह,(cid:26) पूरी 3मता से अंतGरती ’ादिे शक (cid:20)ामीण ब(cid:26)क के िवJ] या प3 म(cid:10) ह1ग े और इसे पूरी तरह से तथा ’भावी ढंग से अंतरणकता(cid:28) ’ादेिशक (cid:20)ामीण ब(cid:26)क1 के 5थान पर लागू (cid:4)कया गया ह,ै अंतGरती ’ादिे शक (cid:20)ामीण ब(cid:26)क इसका एक प3 रहा ह ै या मानो उRह (cid:10) अंतGरती ’ादिे शक (cid:20)ामीण ब(cid:26)क के प3 म(cid:10) जारी (cid:4)कया गया हो; (ग) य(cid:4)द, समामेलन क; ’भावी तारीख को अंतरणकता(cid:28) ’ादिे शक (cid:20)ामीण ब(cid:26)क1 के (cid:4)कसी कारोबार के संबंध म(cid:10) (cid:4)कसी भी ’कार का वाद, अपील या अRय कायव(cid:28) ािहयां अतं रणकता (cid:28) ’ादिे शक (cid:20)ामीण ब(cid:26)क1 2ारा या के¹Hkkx IIµ[k.M 3(ii)º Hkkjr dk jkti=k % vlk/kj.k 3 िवO] लिNबत ह,ै यह अंतरणकता(cid:28) बक(cid:26) 1 के उपXम1 के अंतरण इस अिधसूचना म(cid:10) (cid:4)दए गए (cid:4)कसी त_ य के कारण उपशमन नहU (cid:4)कया जाएगा या (cid:4)कसी भी ’कार से दरु ा(cid:20)हपूण(cid:28) तरीके से ’भािवत नहU होगा, ले(cid:4)कन वाद, अपील या अR य काय(cid:28)वािहयां अंतGरती ’ादिे शक (cid:20)ामीण ब(cid:26)क 2ारा या के िवO] जारी रखी जा सक(cid:10)गी, अिभयोजन (cid:4)कया जा सकेगा और लाग ू(cid:4)कया जा सकेगा; (घ) (cid:4)कसी समझौता, सिं वदा, ह5 तातं रण प4, आ+व ासन, मुLत ारनामा या (cid:4)कसी भी ’कार के (cid:4)कसी अRय कागजात म(cid:10) अंतरणकता(cid:28) ’ादिे शक (cid:20)ामीण ब(cid:26)क1 स े (cid:4)कए गए प4ाचार को अंतGरती ’ादिे शक (cid:20)ामीण ब(cid:26)क स े (cid:4)कया गया प4ाचार माना जाएगा और अंतरणकता(cid:28) ब(cid:26)क1 के अिधकार1 एव ं बाVय ता@ को अंतGरती ’ादिे शक (cid:20)ामीण ब(cid:26)क का अिधकार और बाVय ताए ं माना जाएगा। 6.(क) अंतरणकता(cid:28) बक(cid:26) के ’Bय ेक बचत ब(cid:26)क खाता या चालू खाता या साविध जमा, नकदी ’माणप4, मािसक जमारािशयां, मांग या अ(cid:6) प सूचना पर दये जमारािश या (cid:4)कसी भी नाम स े जाने जाने वाली (cid:4)कसी अR य जमारािशय1 सिहत कोई अR य जमारािश खाते के सबं ंध म(cid:10) अंतGरती ’ादिे शक (cid:20)ामीण ब(cid:26)क समामेलन क; ’भावी तारीख को अपने यहां उसके संबिं धत जमाकता@(cid:28) के नाम से तदनुOपी और समान खाता खोलेगा और उसके Z याज क; दये मा4ा सिहत परू ी रािश जमा करेगा: परंतु, जहां (cid:4)क अंतGरती ’ादिे शक (cid:20)ामीण ब(cid:26)क को (cid:4)कसी खास खाते म(cid:10) क; गई ’िविDय1 के सही होने पर पया(cid:28)‘ त शक हो, यह ’ायोजक ब(cid:26)क के अनुमोदन से समामेलन क; ’भावी तारीख से तीन महीने से अनिधक क; अविध के िलए उस खाते म(cid:10) जमा करने क; ’(cid:4)Xया को रोक सकता ह ै िजसके भीतर अंतGरती ’ादिे शक (cid:20)ामीण ब(cid:26)क ऐसे खाते म(cid:10) सही शेष रािश सुिनि:त करेगा। (ख) अR य सभी दये ता@ के सबं धं म(cid:10), सNप ि< अतं रण अिधिनयम, 1882 (1882 का 4) या रिज5 bीकरण अिधिनयम, 1908 (1908 का 16) म(cid:10) (cid:4)कसी बात के होते >ए भी यह अिधसूचना अंतरणकता(cid:28) ’ादिे शक (cid:20)ामीण ब(cid:26)क1 के कारोबार सNप ि<, आि5त और दये ता@, अिधकार1, िहत1, शि0य1, िवशेषािधकार1, लाभ1 और (cid:4)कसी भी ’कार के दाियB व1 का इस अिधसूचना के उपबंध1 के अनुसार अंतGरती ’ादिे शक (cid:20)ामीण ब(cid:26)क को पया(cid:28)‘ त ह5 तातं रण होगा। 7.(क) अंतरणकता(cid:28) ’ादिे शक (cid:20)ामीण ब(cid:26)क1 के सभी कम(cid:28)चाGरय1 (औiोिगक िववाद अिधिनयम, 1947 (1947 का 14) के अधीन जो कम(cid:28)कार न ह1) क; सेवा अंतGरती ’ादिे शक (cid:20)ामीण ब(cid:26)क म(cid:10) उसी पाGरkिमक और सेवा क; उR हU शतl पर जारी रहगे ी, यथाि5थित, समामले न क; ’भावी तारीख से तBक ाल पूव(cid:28) िजसके 2ारा व े िनयंि4त होते थे। (ख) ’B य3 Oप से भतm (cid:4)कए गए और/या पदोRन त (cid:4)कए गए अिधकाGरय1 और कम(cid:28)चाGरय1 क; पर5प र वGरoता का िनण(cid:28)य रा(cid:15)ीय कृिष और (cid:20)ामीण िवकास ब(cid:26)क (नाबाड(cid:28)) 2ारा तारीख़ 25.11.2013 के प4 संLया एनबी.आईडीडी.आरआरसीबीडी/ 2065/462/(आईएसएस)2013-14 के 2ारा जारी (cid:4)दशािनदशq 1 के अनुसार (cid:4)कया जाएगा। इसके अलावा य(cid:4)द इस संबंध म(cid:10) कोई िववाद उBपr होता ह ैतो इसका िनपटान एक सिमित 2ारा (cid:4)कया जाएगा िजसम(cid:10) रा(cid:15)ीय कृिष और (cid:20)ामीण िवकास ब(cid:26)क (नाबाड)(cid:28) और ’ायोजक ब(cid:26)क के ’ितिनिध शािमल ह1गे। 8. अंतGरती ’ादिे शक (cid:20)ामीण ब(cid:26)क के पास ब(cid:26)क और जनता के िहत म(cid:10) कम(cid:28)चाGरय1 को अंतGरती ’ादिे शक (cid:20)ामीण बक(cid:26) के सम5त पGरचालन 3े4 म(cid:10) कहU भी तैनात या िनयु0 करने का अिधकार ह।ै4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] 9. अंतGरती ’ादिे शक (cid:20)ामीण ब(cid:26)क के पGरचालन 3े4 म(cid:10) अंतरणकता(cid:28) ब(cid:26)क1, अथा(cid:28)त प(cid:6)लवन (cid:20)ामा बक(cid:26) और पािं डयन (cid:20)ामा बक(cid:26) के तिमल नाडु राFय के अंतग(cid:8)त आने वाले चे(cid:15)ई को छोड़ कर सभी िजले ’ादिे शक (cid:20)ामीण ब(cid:26)क के पGरचालन 34े म(cid:10) शािमल ह1गे। 10. जब तक इस अिधसूचना म (cid:10) 5 पs ट Oप से न (cid:4)दया गया हो, इस अिधिनयम के उपबंध1 का अंतGरती ’ादिे शक (cid:20)ामीण ब(cid:26)क पर ऐसा ’भाव होगा मानो उtत अिधिनयम क; धारा 3 क; उपधारा (1) के अंतग(cid:28)त इसे 5थ ािपत (cid:4)कया गया हो। [फा. स.ं 7/8/2017-आरआरबी(तिमल नाडु)] सुचीR(cid:11) िमk, संयु0 सिचव MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 28th January, 2019 S.O. 476(E).—Whereas the Central Government, after consultation with the National Bank for Agriculture and Rural Development (NABARD), the Government of Tamil Nadu and the Indian Bank and Indian Overseas Bank, being the Sponsor Banks of Pallavan Grama Bank and Pandyan Grama Bank, is of the opinion that it is 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 said Regional Rural Banks themselves, that the said Regional Rural Banks should be amalgamated into a single Regional Rural Bank; Now, therefore, in exercise of the powers conferred by sub-section (1) of section 23A of the Regional Rural Banks Act, 1976 (21 of 1976) (hereinafter referred to as “the Act”), the Central Government hereby provides for the amalgamation of the said Regional Rural Banks into a single Regional Rural Bank which shall come into effect on and from the first day of April, 2019 (hereinafter referred to as the “effective date of amalgamation”) with such constitution, property, powers, rights, interests, authorities and privileges; and with such liabilities, duties and obligations as specified hereunder:- 1. Pallavan Grama Bank and Pandyan Grama Bank (hereinafter referred to as “the transferor Regional Rural Banks”) sponsored by the Indian Bank and Indian Overseas Bank in the State of Tamil Nadu are hereby amalgamated into a single Regional Rural Bank which shall be called as Tamil Nadu Grama Bank (hereinafter referred to as “the transferee Regional Rural Bank”) with its head office at Salem under the sponsorship of Indian Bank. 2. The authorized capital of the transferee Regional Rural Bank shall be rupees two thousand crore divided into two hundred crore number of fully paid shares of rupees ten each. The subscribed share capital of the transferee Regional Rural Bank shall be equal to the subscribed 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 share capital of the transferee Regional Rural Bank. 3. The entire share capital and share capital deposit of the transferee Regional Rural Bank shall be as under:- 1 Share Capital (a) Central Government Rupees twenty three crore and forty eight lakh (b) State Government Rupees seven crore and four lakh (c) Sponsor Bank Rupees sixteen crore and forty four lakh 2 Share Capital Deposit Nil 4. From the effective date of amalgamation, the transferor Regional Rural Banks viz. Pallavan Grama Bank and Pandyan Grama Bank shall cease to carry on the business including that of making any payment to any depositors or discharge any liability or obligation to the creditors except to the extent as may be necessary for implementation of the provisions of the amalgamation as per this notification. 5. From the effective date of amalgamation, the undertakings of the transferor Regional Rural Banks shall be transferred to and shall vest in the transferee Regional Rural Bank;¹Hkkx IIµ[k.M 3(ii)º Hkkjr dk jkti=k % vlk/kj.k 5 (a) The undertakings of the transferor Regional Rural Banks shall include all assets, rights, powers, authorities and privileges and all property movable and immovable, cash balance, reserve funds, investments and all other rights and interest in or arising out of such property, as are immediately before the commencement of this notification, in the ownership, possession, power or control of the transferor Regional Rural Banks whether within or outside India and all books of accounts, registers, records and all other documents of whatever nature relating thereto and shall also be deemed to include all borrowings, liabilities and obligations of whatever kind then subsisting of the transferor Regional Rural Banks; (b) 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 Rural Banks shall be in full force and effect against 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 a party thereto or as if they had been issued in favour of the transferee Regional Rural Bank; (c) 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 this notification but the suit, appeal or other proceedings may be continued, prosecuted and enforced by, or against, the transferee Regional Rural Bank; (d) Any reference to the transferor Regional Rural Banks in any agreement, contract, conveyance, assurance, power of attorney or any other document of whatsoever nature 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.(a) 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 Rural Bank shall open with itself on the effective date of amalgamation a corresponding and similar account in the name of the respective holder(s) thereof crediting thereto full amount including interest to the extent payable: Provided that where the transferee 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 transferee Regional Rural Bank shall ascertain the correct balance in such account. (b) In respect of every other liability, notwithstanding anything contained in the Transfer of Property Act, 1882 (4 of 1882) or the Registration Act, 1908 (16 of 1908), this notification shall be sufficient conveyance, in accordance with the provisions of this notification, of the business, properties, assets and liabilities, rights, interests, 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 not being workmen within the meaning of the Industrial Disputes Act, 1947 [14 of 1947]) shall continue in the transferee Regional Rural Bank at the same remuneration and on the same terms and conditions of service, or, as the case may be, by which they were governed immediately before the effective date of amalgamation. (b) The inter-se-seniority of officers and employees, directly recruited or promoted, shall be decided as per the guidelines by the National Bank for Agriculture and Rural Development issued vide letter number NB.IDD.RRCBD/ 2065/462/(ISS)2013-14 dated 25.11.2013. Further, if any issue arises in this regard, the same shall be decided by a Committee comprising representatives of National Bank for Agriculture and Rural Development and Sponsor Bank. 8. The transferee Regional Rural Bank shall have the power to post or appoint the employees in the interest of the bank and the public as a whole anywhere in the entire area of operation of the transferee Regional Rural Bank.6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] 9. The area of operation of the transferee Regional Rural Bank shall be the combined area of operation of the transferor Regional Rural Banks viz. Pallavan Grama Bank and Pandyan Grama Bank in all the Districts in the State of Tamil Nadu except Chennai. 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 it has been established under sub-section (1) of section 3 of the Act. [F. No. 7/8/2017-RRB(Tamil Nadu)] SUCHINDRA MISRA, Jt. Secy. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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