The Reserve Bank of India has sanctioned the scheme of amalgamation of Mumbai based Rajapur Sahakari Bank with Malad Sahakari Bank Ltd, Mumbai on Friday.
The Scheme has been sanctioned in exercise of the powers conferred under Sub-Section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949.
The scheme will come into force from September 23, 2024.
The branches of Rajapur Sahakari Bank Ltd., Mumbai (Maharashtra) will function as branches of Malad Sahakari Bank Ltd., Mumbai (Maharashtra) with effect from September 23, 2024.
It is mentioned that Malad Sahakari Bank, which is headed by BJP leader Vinod Mishra, has a business mix of more than Rs 650 crore and earned a profit of Rs 5.85 crore as of 31st March 2024.The bank has a network of 5 branches.
