RBI Approves Merger of National and Cosmos Co-operative Banks
| Summary/Static | Details |
|---|---|
| Why in the news? | RBI Approves Merger of National and Cosmos Co-operative Banks |
| Merger Approved By | Reserve Bank of India (RBI) |
| Banks Involved | National Co-operative Bank Ltd. (Bangalore) and Cosmos Co-operative Bank Ltd. (Maharashtra) |
| Effective Date | January 6, 2025 |
| Branches Impacted | 13 branches of National Co-operative Bank (Bangalore) will become part of Cosmos Co-operative Bank |
| RBI Restrictions | Deposit withdrawals limited to Rs 50,000 per account for National Co-operative Bank until January 24, 2025 |
| Legal Framework | Sub-Section (4) of Section 44A and Section 56 of the Banking Regulation Act, 1949 |
| Previous Mergers | Maratha Sahakari Bank and Sahebrao Deshmukh Sahakari Bank merged with Cosmos Bank in FY24 |