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.
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, “The 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.”
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 cooperative 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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