The RBI has granted approval for the merger of National Co-operative Bank with Cosmos Co-operative Bank.

Banking & Finance

On January 3, 2025, the Reserve Bank of India (RBI) approved the merger of National Co-operative Bank Limited, Bengaluru (Karnataka) with Cosmos Co-operative Bank Limited, Pune (Maharashtra), effective from January 6, 2025.


      - The RBI sanctioned the Scheme of Amalgamation of the banks in exercise of the powers conferred under Sub-Section(4) of Section 44A with Section 56 of the Banking Regulation Act, 1949.

     

     

Main Point :-   (i) The RBI also granted approval to Housing Development Finance Corporation (HDFC) Bank Limited to acquire up to a 9.5% stake in AU Small Finance Bank Limited, Kotak Mahindra Bank Limited (KMBL), and Capital Small Finance Bank Limited.

      (ii) The approval is valid for a 1-year period, expiring on January 2, 2026.

(iii) This approval also covers HDFC Bank's group companies, including HDFC Mutual Fund (MF), HDFC Life Insurance, HDFC ERGO General Insurance, HDFC Securities, and HDFC Pension Management.
About AU Small Finance Bank

MD & CEO : Sanjay Agarwal
Headquarters: Jaipur
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