The Reserve Bank of India (RBI) has approved the voluntary amalgamation of The National Co-operative Bank Ltd., Bangalore (Karnataka), with Cosmos Co-operative Bank Limited, headquartered in Maharashtra.
This decision has been sanctioned under Sub-Section (4) of Section 44A, in conjunction with Section 56 of the Banking Regulation Act, 1949.
The amalgamation will officially take effect on January 6, 2025, with all branches of The National Co-operative Bank Ltd. transitioning to operate as branches of Cosmos Co-operative Bank Limited from that date. This merger aims to streamline operations and enhance service delivery for customers of both institutions.
