- Saraswat Co-operative Bank announced on July 1 that it plans to merge with the struggling New India Cooperative Bank, as stated in their release.
- This voluntary merger is pending approval from the shareholders of both banks.
- Once the merger is finalized, Saraswat Co-operative Bank will assume all assets and liabilities of New India Cooperative Bank, ensuring that the interests of depositors are fully protected, according to the release.
- “We have voluntarily approached the RBI for the merger of Saraswat with New India Cooperative Bank,” said Gautam E.
- Thakur, the chairman of Saraswat Co-operative Bank.
Saraswat Co-operative Bank announced on July 1 that it plans to merge with the struggling New India Cooperative Bank, as stated in their release.
This voluntary merger is pending approval from the shareholders of both banks. Once the merger is finalized, Saraswat Co-operative Bank will assume all assets and liabilities of New India Cooperative Bank, ensuring that the interests of depositors are fully protected, according to the release.
“We have voluntarily approached the RBI for the merger of Saraswat with New India Cooperative Bank,” said Gautam E. Thakur, the chairman of Saraswat Co-operative Bank.
He also mentioned that shareholders of New India Cooperative Bank will receive shares in Saraswat Co-operative Bank based on a predetermined ratio.
After receiving shareholder approval, both banks will seek clearance from the RBI, which will then announce the effective date for the merger, he explained.
Before this, Saraswat Co-operative Bank had already acquired several other banks, including Maratha Mandir Co-operative Bank, Mandvi Co-operative Bank, Annasaheb Karale Janata Sahakari Bank Ltd, Murgharajendra Sahakari Bank Ltd, Nashik Peoples Co-operative Bank Ltd, South Indian Co-operative Bank Ltd, and Kolhapur Maratha Sahakari Bank Ltd, as noted in the release.
As of March 31, 2025, Saraswat Co-operative Bank reported a total business of Rs 91,814 crore, with deposits amounting to Rs 55,481 crore, advances of Rs 36,333 crore, and a net profit of Rs 518.25 crore, the release added.