RBI Approves Merger of New India Co-operative Bank with Saraswat Bank:
The Reserve Bank of India (RBI) has approved the merger of New India Co-operative Bank with Saraswat Co-operative Bank, the largest urban co-operative bank in the country. The merger will officially take effect from August 4, 2025.
Under the approved Scheme of Amalgamation,
- Saraswat Bank will take over all assets and liabilities of New India Co-operative Bank.
- All branches of New India Co-operative Bank will now function as Saraswat Bank branches.
- Customers and depositors of New India Co-operative Bank will be treated as customers of Saraswat Bank, with their interests fully protected.
- This step is expected to provide greater stability, enhanced services, and stronger financial backing for customers of the merged entity.
