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Canara Bank goes bank of Amanath Coop Bank offer

Canara Bank has told the high court of Karnataka that it wanted to withdraw from its earlier decision to take over the loss-making Amanath Cooperative Bank. The high court has ordered the CMD of the bank to be present during the next hearing to explain the sudden u-turn. During the hearing, the counsel for the bank had told the court that the bank would suffer a huge financial erosion and had therefore decided against the merger. The latest audit of Amanath Cooperative Bank’s accounts has revealed that its customers would suffer a loss of 32% and not 18% as was estimated earlier, if the merger was to be financially viable. Amanath Cooperative Bank has over 2.20 lakh account holders. Justice Ram Mohan Reddy, hearing the case, asked the bank why it is going back on its earlier stand as the bank was quiet when the court had ordered for the merger and had not brought its difficulties in regard to the merger to the notice of the court.

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