In a significant move, the Reserve Bank of India (RBI) has sanctioned the scheme of amalgamation of the Citizen Cooperative Bank Limited, Vasco-Da-Gama, Goa, with TJSB Sahakari Bank Ltd., a leading urban cooperative bank based in Maharashtra.
Commenting on the development, TJSB Sahakari Bank Chairman Sharad Gangal expressed confidence in the merger, emphasizing that it will enhance banking services and provide greater financial stability to customers of the Citizen Cooperative Bank.
He assured that all modern banking services would continue across the newly integrated branches without any disruptions.
“This expansion strengthens our foothold in Goa and enhances our ability to serve customers efficiently. Over the past 53 years, TJSB has maintained steady growth through self-regulation and financial discipline, achieving a business turnover of Rs 23,000 crore. This merger aligns with our strategic vision of growth and expansion,” said Gangal.
The amalgamation is expected to contribute to the overall development of the cooperative banking sector in Goa, improving banking accessibility for customers and reinforcing financial inclusion efforts. With an additional six branches from the Citizen Cooperative Bank, TJSB aims to further bolster its services and deepen its presence in the region.
The approval has been granted under the powers conferred by sub-section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949. The merger will officially come into effect on February 10, 2025 (Monday).
Following the amalgamation, all branches of The Citizen Cooperative Bank Limited will operate as branches of TJSB Sahakari Bank Ltd. from the effective date.
This development will see TJSB’s total number of branches increase from 143 to 149, with its presence in Goa expanding from 12 to 18 branches.
Additionally, all employees of the Citizen Cooperative Bank will be retained under the new arrangement, ensuring operational continuity and job security.
