RBI approves the voluntary amalgamation of 2 co-operative urban banks of Telangana
FinTech BizNews Service
Mumbai, June 8, 2024:The Reserve Bank of India has sanctioned the Scheme of Amalgamation of The Yadagiri Lakshmi Narasimha Swamy Co-operative Urban Bank Ltd., Yadadri Bhuvanagiri, Telangana with The Gayatri Co-operative Urban Bank Ltd., Jagtial, Telangana. 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 June 10, 2024. The branches of The Yadagiri Lakshmi Narasimha Swamy Co-operative Urban Bank Ltd., Yadadri Bhuvanagiri (Telangana) will function as branches of The Gayatri Co-operative Urban Bank Ltd., Jagtial (Telangana) with effect from June 10, 2024.
