The beleaguered Amanath cooperative bank in Karnataka would finally merge with the Canara Bank. The merger would take place on terms as approved by the RBI.
While hearing a slew of petitions filed by customers and other stakeholders of the bank, the Karnataka High Court has passed this order. The latter has greatly relieved customers as they could now access their accounts without problems.
The Canara Bank will take over Amanath cooperative bank’s assets and liabilities within a fixed time frame. However, the merger will not cover such assets as are doubtful, say sources. The court has asked the customers to comply with KYC norms of the Canara Bank while accessing their accounts.
The next hearing will take place in November and the court is likely to consider former union minister C.K.Jafar Sharir’s plea urging a CBI enquiry into the bank’s irregularities.
Can some one let me know if there would be 18 % with holdings of deposited money. Also what would be the time frame for accessing our deposits . Thanks.