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Tuesday, February 23, 1999
RBI nod for local area banks
EXPRESS NEWS SERVICE
CHANDIGARH, Feb 22: The Reserve Bank of India has given `in principle' approval for setting up of five local area banks in Punjab, Andhra Pradesh, Tamil Nadu, Rajasthan and Gujarat. The aim is to bridge the gap in the credit availability and provide institutional mechanism for promotion of rural savings in the local areas.In Punjab, the approval has been given to Capital Local Area Bank Limited with operation area spread over Jalandhar, Kapurthala and Hoshiarpur districts. The bank, which is expected to start its operations in the next three months, plans to open six branches in the first year and about 25 branches by the end of third year of its operations. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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