The Reserve Bank of India (RBI) has given a big update regarding the merger of the bank. RBI said that it has approved the merger of National Co-operative Bank and Cosmos Co-operative Bank.
Bank Merger: The Reserve Bank of India (RBI) has given a big update regarding the merger of the bank. RBI said that it has approved the merger of National Co-operative Bank and Cosmos Co-operative Bank. This merger will come into effect from January 6. RBI said in the release, “The Reserve Bank of India has approved the scheme of merger of National Co-operative Bank Limited, Bangalore (Karnataka) with Cosmos Co-operative Bank Limited (Maharashtra).”
RBI said, “This scheme has been approved using the powers conferred under sub-section (4) of section 44A along with section 56 of the Banking Regulation Act, 1949. This scheme will come into effect from January 06, 2025.”
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What will happen to the customers
RBI said that the branches of National Co-operative Bank Limited, Bangalore (Karnataka) will function as branches of Cosmos Co-operative Bank Limited (Maharashtra) from January 06, 2025. That is, the services of the customers will now be available in Cosmos Co-operative Bank.
About National Co-operative
As early as 1947, the weaver community of South Mumbai promoted a credit co-operative society named “Bombay Weavers Credit Co-op Society Limited”. In the year 1951, the name was changed to “National Co-op Bank Limited”.
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