ARTICLE · 27 SEPTEMBER 2024

AKP Banking & Finance Digest- September 23, 2024

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The Reserve Bank of India ("RBI") has approved the Rajapur Sahakari Bank Ltd., Mumbai's voluntary amalgamation with the Malad Sahakari Bank Ltd., Mumbai.

IndiaFinance and Banking

1. Regulatory Updates

1.1. India

1.1.1 RBI approves amalgamation of Rajapur Sahakari Bank with Malad Sahakari Bank

The Reserve Bank of India ("RBI") has approved the Rajapur Sahakari Bank Ltd., Mumbai's voluntary amalgamation with the Malad Sahakari Bank Ltd., Mumbai. The decision, sanctioned under Sub-Section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949, allows the two cooperative banks to merge their operations. This move aims to streamline banking services and strengthen the financial position of both institutions. The amalgamation will come into effect on September 23, 2024. From this date, all The Rajapur Sahakari Bank branches will be rebranded and will operate as part of The Malad Sahakari Bank's network. This merger is expected to provide greater operational efficiency and improve customer service by expanding the reach of The Malad Sahakari Bank while ensuring the stability of the banking sector in Mumbai. RBI

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