RBI Approves Amalgamation of Twin Cities Co-operative Urban Bank and Kranti Co-operative Urban Bank

RBI Approves Amalgamation of Twin Cities Co-operative Urban Bank and Kranti Co-operative Urban Bank

Daily Current Affairs   /   RBI Approves Amalgamation of Twin Cities Co-operative Urban Bank and Kranti Co-operative Urban Bank

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Category : Business and economics Published on: August 25 2023

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  • In a recent development, the Reserve Bank of India (RBI) has granted its approval for the voluntary amalgamation of Twin Cities Co-operative Urban Bank Ltd with Kranti Co-operative Urban Bank Ltd. 
  • The amalgamation scheme is set to take effect from August 23, 2023. 
  • This decision, as outlined in an official release from the central bank, marks a significant step in the consolidation of cooperative urban banks.
  • The RBI had previously established a comprehensive framework for the amalgamation of Urban Cooperative Banks (UCBs). 
  • This framework, introduced on March 23, 2021, serves as a guideline for facilitating amalgamation processes in the UCB sector.
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