RBI sanctions merger of Maratha Co-op Bank with Cosmos Co-op Bank

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the Reserve Bank of India (RBI) has approved the voluntary merger plan of Maratha Sahakari Bank with Kosmos Co-operative Bank.

The RBI said in a statement that the plan will come into effect from May 29, 2023.

The central bank placed the Maratha Sahakari Bank, which was incorporated in 1946 and has seven branches in Mumbai, under the directives under Section 35 of the Banking Regulation Act, 1949, on August 31, 2016. The directives have been extended from time to time.

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The Scheme was approved in exercise of the powers conferred by subsection (4) of Section 44A read together with Section 56 of the Banking Regulation Act 1949.

“All branches of Maratha Sahakari Bank Limited, Mumbai (Maharashtra) will operate as branches of Kosmos Cooperative Bank Limited, Pune (Maharashtra) from May 29, 2023,” RBI’s The statement indicated.

As of the end of March 2022, Kosmos Co-operative Bank, a multi-state urban cooperative bank with 140 branches in seven states, had deposits and advances of Rs.16,522 crore and Rs.12,293 crore, respectively.