The Reserve Bank of India (RBI) has approved the merger of National Co-operative Bank (Bangalore) with Cosmos Co-operative Bank (Maharashtra), effective from January 6, 2025. This decision is part of ongoing consolidation efforts within India’s banking sector. Following the merger, the branches of National Co-operative Bank will operate as part of Cosmos Co-operative Bank. The approval comes after a series of restrictions imposed on National Co-operative Bank due to its weak financial performance.
Summary/Static | Details |
Why in the news? | RBI Approves Merger of National and Cosmos Co-operative Banks |
Merger Approved By | RBI |
Banks Involved | National Co-operative Bank Ltd. (Bangalore) and Cosmos Co-operative Bank Ltd. (Maharashtra) |
Branches Impacted | 13 branches of National Co-operative Bank (Bangalore) will become part of Cosmos Co-operative Bank |
RBI Restrictions | Limits on deposit withdrawals of Rs 50,000 per account for National Co-operative Bank till January 24, 2025 |
Legal Framework | Sub-Section (4) of Section 44A and Section 56 of the Banking Regulation Act, 1949 |
Objective | Strengthen the financial health and operational reach of the merged entities |
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