Sena MP Adsul meets Pawar to discuss merger of City Co-Op Bank

Shiv Sena MP Anandrao Adsul called on NCP chief Sharad Pawar at the latter's residence 'Silver Oak' here, to discuss possible merger of Mumbai-based City Cooperative Bank, which Adsul controls, with a bigger entity.

The meeting yesterday was also attended by Saraswat Bank chairman Gautam Thakur, he said.

The bank is currently facing a financial trouble and the RBI has imposed certain restrictions on it.

On April 17, the Reserve Bank of India issued "directions", putting limits on withdrawal of money and imposing certain other restrictions on the bank. "The bank will continue to undertake banking business with restrictions till its financial position improves," an RBI release said.

"Our main objective is that depositors should be able to access the money deposited with us, and to be able to run the bank efficiently. Hence, the only way out is to merge the bank with a bigger entity," Adsul, who is the bank's chairman, told PTI.

"I had sought appointment with Pawar to discuss the issue. He also called the chairman of Saraswat Bank to the meeting," the Sena MP added.

Adsul said he had been in talks with Saraswat Bank for the last three-four months, and both the banks were in touch with the RBI with a merger proposal.

"I hope this issue is resolved by next week," Adsul said.