The Reserve Bank of India has approved the voluntary amalgamation of Ahmedabad based Suvikas People’s Cooperative Bank with Gujarat’s leading bank- Kalupur Commercial Cooperative Bank last week.
“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”, reads a RBI press release.
The Scheme came into force with effect from October 16, 2023.
Meanwhile, the branches of the Suvikas People’s Co-operative Bank Limited, Ahmedabad (Gujarat) will function as branches of the Kalupur Commercial Co-operative Bank Limited, Ahmedabad (Gujarat) with effect from October 16, 2023.
The Kalupur Commercial Cooperative Bank business stood at Rs 16,988 crore and earned a net profit of Rs 167.71 crore as on 31st March 2023.