RBI Approves Amalgamation of Two Banks

Published on November 13, 2022
Current Context: The Reserve Bank of India (RBI) approved the amalgamation of Shree Sharda Sahkari Bank Limited, with Cosmos Cooperative Bank Limited.
RBI Approves Amalgamation of Two Banks
  • The amalgamation of the banks was approved by the RBI under Section 44A and Section 56 of the Banking Regulation Act 1949.
  • After the due procedure, the branches of Shree Sharda Sahkari Bank Limited would function as the branches of Cosmos Cooperative Bank Limited.
  • Cosmos Bank has branches in 7 states and various banking transactions by the customers of Sharada Bank will now be conducted through all these branches of the Bank.
  • This merger will increase the count of the branches of Cosmos Bank to 152.
  • Cosmos Cooperative Bank Limited is the second leading urban cooperative bank in India that was established in 1906 with its headquarters in Pune. The current Chairperson of the bank is Dr. Mukund Abhyankar.

Question:

Q.1 The RBI recently approved the merger of Sharda Bank with?
a. Saraswati Bank
b. Bharat Co-operative Bank
c. Cosmos Bank
d. Abhyudaya Bank

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