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Amanath Bank to merge with Canara Bank

The assets belonging to the controversial Amanath Cooperative Bank will be merged with Canara Bank. The state government has issued official orders on 5 March to this effect. The balance sheet of the cooperative bank, formed to help poor Muslims had revealed that prominent community leaders had misappropriated the bank of over Rs 300 crore. The bank’s board of directors had decided to transfer its assets and liabilities to Canara Bank. The government’s legal department also gave the go-ahead for the merger. Former union minister C K Jaffer Sharief and others had filed a petition challenging the merger of the bank with Canara Bank. They had also sought a CBI probe into the issue.

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