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Canara Bank gets ok for take over of ACB

The Karnataka High Court has allowed Canara Bank to take over the troubled Amanath Cooperative Bank as per terms set by the Reserve Bank of India. Justice Ram Mohan Reddy passed an order to this effect while hearing a batch of petitions filed by stakeholders both in support as well as against the merger. He has adjourned further hearing to November. Canara Bank will take over specified assets and liabilities of the bank. The doubtful assets will remain with Amanath Cooperative Society. The court also asked authorities to publicize through newspapers and television the working hours of the branches of the bank. The judge said customers of the bank would now have to comply with KYC norms of Canara Bank to operate their accounts. The registrar of cooperative societies has been asked to notify within 30 days the scheme under which Canara Bank is taking over the bank

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