Sydicate Bank appointed lead bank for Panchsheel Nagar in UP

The Reserve Bank has appointed public sector lender Syndicate Bank as lead bank for newly created district of Panchsheel Nagar in Uttar Pradesh.

"It has been decided to assign the lead bank responsibility of the new district Panchsheel Nagar to Syndicate Bank," the Reserve Bank (RBI) said in a statement.

Lead bank is the lender which is entrusted by RBI to act as the coordinator for a particular region, including state or district.

The district was created by the Uttar Pradesh government in September 2011.

The new district with its headquarter at Hapur was carved out from the existing Ghaziabad district and comprises three tehsils -- Hapur, Garh Mukteshwar and Dhaulana.

"There is no change in the lead bank responsibilities of other districts in the state," RBI added.

Source: EconomicTimes