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

Change Language English Hindi

Category : Business and economics Published on: August 25 2023

Share on facebook

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.