RBI approves merger of national Co-operative bank with cosmos Co-operative financial institution
Reserve financial institution of india on january 3 said it has permitted the voluntary merger of
The country wide Co-operative financial institution Ltd., Bangalore (Karnataka)
with cosmos Co-operative bank limited (Maharashtra).
"The Scheme of Amalgamation has been sanctioned in exercising of the powers conferred below Sub-phase (four) of section 44A examine with phase 56 of the banking regulation Act, 1949. The Scheme will come into pressure with effect from january 6, 2025," said RBI in a statement.
The branches of The country wide Co-operative bank Ltd., Bangalore (Karnataka) will feature as branches of cosmos Co-operative financial institution constrained (Maharashtra) with effect from january 6, 2025, said the banking regulator.
national Cooperative financial institution Ltd. has a complete of 13 branches- 12 in Bangalore and one in Mysore.
Mumbai-based totally maratha Sahakari bank (with 7 branches) and Sahebrao Deshmukh Sahakari bank (with 11 branches) merged into cosmos financial institution inside the financial yr ended march 2024.
In July 2023, RBI had imposed enterprise restrictions on the country wide Co-operative bank Ltd and capped deposit withdrawal at Rs 50,000 in step with account. The action was precipitated by the susceptible monetary function of the financial institution.
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