Bank of India consolidates regional rural banks, adjusts lending rate

Bank of India (BSE:BANKINDIA) has announced a series of strategic moves impacting its rural banking network and lending rates. In a filing under Regulation 30 of SEBI (LODR) Regulations, the bank disclosed the amalgamation of various Regional Rural Banks (RRBs) into single entities within several states, effective May 1, 2025. This consolidation, authorized by the Indian government under the Regional Rural Banks Act of 1976, aims to improve efficiency and development within these regions.