 "RBI, Reserve Bank of India")
The Reserve Bank of India (RBI) has approved the merger of New India Co-operative Bank with the largest urban co-operative bank, Saraswat Co-operative Bank.
The merger will be effective from August 4, 2025. Consequently, Saraswat Bank will assume all assets and liabilities of New India Co-operative Bank, and all its branches will operate as Saraswat Bank branches.
Customers, including depositors of New India Co-operative Bank, will be treated as customers of Saraswat Bank from August 4, 2025, with their interests fully protected.
The Scheme of Amalgamation was approved by the shareholders of Saraswat Bank at its Special General Meeting held on July 22, 2025. It was also approved by the shareholders of New India Co-operative Bank at their Annual General Meeting and subsequently sent to the RBI for approval.
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