Bank Of India has informed the Exchange regarding 'Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015: Amalgamation of Regional Rural Banks'.
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The Government of India, through a gazette notification dated April 7, 2025, has ordered the consolidation of Regional Rural Banks into one RRB per state, effective May 1, 2025. As a result, Bank of India's sponsored RRBs — Vidharbha Konkan Gramin Bank (Maharashtra) and Aravart Bank (Uttar Pradesh) — will be merged into RRBs sponsored by Bank of Maharashtra and Bank of Baroda, respectively. Bank of India will, however, retain sponsorship of the merged Madhya Pradesh Gramin Bank, formed by combining the existing Madhya Pradesh Gramin Bank (BoI-sponsored) with Madhyanchal Gramin Bank (SBI-sponsored). Post-amalgamation, Bank of India will sponsor only one RRB (Madhya Pradesh Gramin Bank) instead of three earlier. The move is part of a nationwide government-led RRB consolidation drive and does not involve any cash consideration or share swap for Bank of India.
This is a government-mandated structural consolidation of RRBs and is not material to Bank of India's standalone balance sheet or core banking operations. Shareholders are unlikely to see any meaningful impact on earnings or stock price, though BoI's sponsored rural banking footprint will shrink from three states to one (Madhya Pradesh).