Pune: RBI Approves Merger of Maratha Sahakari Bank With The Cosmos Co-operative Bank
Pune, 26th May 2023: In a significant development, the Reserve Bank of India (RBI) has granted its approval for the voluntary amalgamation of Maratha Sahakari Bank, based in Mumbai, with The Cosmos Co-operative Bank Limited, located in Pune. This approval comes under the authority vested in the RBI by Sub-Section (4) of Section 44A, in conjunction with Section 56 of the Banking Regulation Act, 1949.
The sanctioned scheme of amalgamation is set to take effect from May 29, 2023. Following the merger, all the branches of Maratha Sahakari Bank Ltd., situated in Mumbai, will operate as branches of The Cosmos Co-operative Bank Limited, located in Pune, starting from the aforementioned date.
Join Punekar News Whatsapp Group, Telegram, Instagram And Twitter For Regular Update about Pune City And Pimpri-Chinchwad
