The Reserve Bank of India (RBI) approved the amalgamation of Shree Sharada Sahakari Bank Ltd., Pune (Maharashtra) with the Cosmos Co-operative Bank Ltd., Pune (Maharashtra). The RBI has sanctioned the Scheme of Amalgamation of Shree Sharada Sahakari Bank Ltd, Pune (Maharashtra) with The Cosmos Co-operative Bank Ltd., Pune (Maharashtra).
The Scheme has been sanctioned in the exercise of the powers under the provisions of Section 44A read with Section 56 of the Banking Regulation Act, 1949 as amended vide the Banking Regulation (Amendment) Act, 2020 (39 of 2020).
The Scheme will come into force with effect from October 30, 2022. All the branches of Shree Sharada Sahakari Bank Ltd, Pune (Maharashtra) will function as branches of The Cosmos Co-operative Bank Ltd., Pune (Maharashtra) with effect from October 30, 2022.
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