The Scheme will come into force with effect from September 23, 2024
FinTech BizNews Service
Mumbai, September 20, 2024: The Reserve Bank of India has sanctioned the Scheme of Amalgamation of The Rajapur Sahakari Bank Ltd., Mumbai, Maharashtra with The Malad Sahakari Bank Ltd., Mumbai, Maharashtra. The Scheme has been sanctioned in exercise of the powers conferred under Sub-Section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949.
The Scheme will come into force with effect from September 23, 2024. The branches of The Rajapur Sahakari Bank Ltd., Mumbai (Maharashtra) will function as branches of The Malad Sahakari Bank Ltd., Mumbai (Maharashtra) with effect from September 23, 2024.
