CURRENT AFFAIRS : BANKING & FINANCE
RBI approves merger of Akola Merchant Co-operative Bank Limited with Jalgaon Peoples Co-operative Bank
- The Reserve Bank of India (RBI) has approved the merger of Akola Merchant Co-operative Bank Limited, located in Akola, Maharashtra, with The Jalgaon Peoples Co-operative Bank Limited, situated in Jalgaon, Maharashtra.
- This strategic move was authorized by the RBI under Sub-Section (4) of Section 44A along with Section 56 of the Banking Regulation Act, 1949.
- After the merger, the branches of Akola Merchant Co-operative Bank will function as branches of The Jalgaon Peoples Co-operative Bank.
- This merger is expected to strengthen the banking sector in the region and improve customer services for both banks’ clients.
