RBI sanctions merger of Maratha Co-op Bank with Cosmos Co-op Bank

Current Context: The Reserve Bank of India has sanctioned the Scheme of Amalgamation of Maratha Sahakari Bank Ltd., Mumbai, Maharashtra with The Cosmos Co-operative Bank Limited, Pune, Maharashtra.

• The Scheme will come into force with effect from May 29, 2023. This merger will help Cosmos Bank to focus in Mumbai market and relieve the depositors of Maratha Sahakari Bank who had been urging the RBI to merge the bank with the Cosmos Cooperative Bank
• For the customers of Maratha Co-op Bank, the merger will ensure that they have uninterrupted access to banking services, with their accounts and deposits seamlessly transferred to Cosmos Co-op Bank
• For the customers of Cosmos Co-op Bank, the merger will enhance operational efficiencies, improve customer services, and facilitate the adoption of best practices across various banking functions.

Question:

Q.1 When did RBI sanction the merger of Maratha Co-op Bank with Cosmos Co-op Bank?
a. May 28, 2023
b. May 29, 2023
c. May 30, 2023
d. May 31, 2023