Reported by: banking|Updated: May 29, 2019
The state of Maharashtra has seen as many as 46 mergers of non-viable urban cooperative banks till 31 March 2019, according to Satish Soni, the state’s commissioner for Cooperation and registrar of Cooperative Societies. He told Banking Frontiers that these banks were merged with financially sound banks and the mergers meant deposits of approximately Rs33 billion were secured.
Soni recalled that as a first case, Maratha Mandir Bank, Mumbai, got merged with Saraswat Cooperative Bank on 10 March 2006, resulting in securing deposits worth Rs2.12 billion. As a last case, Sanmitra Sahakari Bank, Mumbai, merged with Surat Peoples Cooperative Bank on 26 May 2018, with deposits of Rs56.1 million being secured. He said most of the mergers have taken place with Saraswat Cooperative Bank. Among the merged banks with the highest deposits (above Rs600 million) are Shri Suvarna Bank, Pune (Rs7.19 billion) which merged with Indian Overseas Bank, Mandavi Cooperative Bank (Rs3.44 billion), South Indian Cooperative Bank, Mumbai (Rs2.24 billion) Nashik Peoples Cooperative Bank (Rs1.76 billion) Annasaheb Karale Janata Sahakari Bank (Rs999.4 million) and Kolhapur Maratha Urban Cooperative Bank (Rs632.1 million) all with Saraswat Cooperative Bank, Jangali Maharaj Cooperative Bank, Pune (Rs3.20 billion) with Thane Janata Sahakari Bank, Citizens Bank, Pune (Rs1.16 billion) with Abhyudaya Cooperative Bank, Sinhagad Cooperative Bank, Pathari (Rs 922.8 million) with Vaidyanath Urban Cooperative Bank, Phaltan Urban Cooperative Bank (Rs646.2 million) and Sushil Kumar Nahata Bank, Bhusawal (Rs623.2 million) both with Cosmos Bank, Kolhapur Janata Urban Cooperative Bank (Rs639.4 million) with Punjab & Maharashtra Cooperative Bank, Ajinkyatara Mahila Sahakari Bank (Rs835.2 million) and Ajinkyatara Urban Cooperative Bank (Rs593.2million) of Satara with Karad Urban Cooperative Bank.