Telangana based Agrasen Cooperative Urban Bank Limited has received shareholders’ approval for the merger of Agroha Cooperative Urban Bank with itself at a Special General Meeting (SGM) held last week. With the approval secured, the bank will now initiate the process of seeking necessary regulatory clearances from the Reserve Bank of India (RBI).
Addressing the meeting, Chairman Pramod Kumar Kedia said the merger marks an important milestone in the bank’s 28-year growth journey and described it as a “confluence of shared vision and values” rather than a mere consolidation of assets. He stated that the merger would strengthen the bank’s financial position, expand its reach, and enhance service delivery to customers.
Post-merger, Agrasen Cooperative Urban Bank plans to expand its branch network, with two new branches proposed by the end of the current year and five more in the next financial year. The bank has set a target of increasing its total branches to 20. Following the merger, the combined business is expected to reach Rs 1,292.37 crore.
As of November-end, Agrasen Bank reported deposits of Rs 679.01 crore, advances of Rs 464.80 crore, and total business of Rs 1,143.81 crore. Agroha Bank, as per its September 30 report, recorded deposits of Rs 90.30 crore and total business of Rs 148.58 crore.
The management stated that the merger would lead to operational efficiencies, improved digital reach, and long-term sustainable growth, benefiting customers, employees, and shareholders alike.