New India Co-Operative Bank: Reserve Bank of India has approved the merger of two more banks. After getting the green signal from RBI, New India Co-operative Bank Limited and Saraswat Co-operative Bank Limited will be merged. On August 1, the Reserve Bank approved the merger of these banks.
Bank Merger News: Reserve Bank of India has approved the merger of two more banks. After getting the green signal from RBI, New India Co-operative Bank Limited and Saraswat Co-operative Bank Limited will be merged. On August 1, the Reserve Bank approved the merger of these banks. After which the voluntary merger of New India Co-operative Bank Limited will take place in Saraswat Co-operative Bank Limited Mumbai. Actually, a scam of Rs 122 crore was revealed in New India Co-operative Bank, after which it came on the radar of investigation agencies. After the investigation, the bank was locked and now it has been merged with Saraswat Bank.
Which two banks will be merged
After the approval of RBI, New India Co-operative Bank Limited and Saraswat Co-operative Bank Limited have been merged voluntarily. This merger has come into effect from 4 August 2025. The special thing is that these two banks of Mumbai are considered better banks in cooperative banking. Both the banks have been working in the cooperative banking sector for a long time, but now due to increasing pressure on the banks, the path of merger is being adopted. After this merger, that is, from today, all the branches of New India Co-operative Bank Limited will work as branches of Saraswat Co-operative Bank Limited.
Why the decision to merge the banks was taken
Actually New India Co-operative Bank was under regulatory supervision since February 2025. The officials of the bank were accused of embezzlement of Rs 122 crore. In view of the financial irregularities going on within the bank and the safety of the account holders, the Reserve Bank had dissolved the board of New India Co-operative on February 14 itself. Many restrictions were imposed on the bank, withdrawal limits were set from the bank account, bank accounts were being investigated. Now RBI has approved the merger of the bank.
How big is New India Co-operative Bank
Let us tell you that New India Co-operative Bank was doing better work in the cooperative sector. The bank has a long history. By March 2025, the total assets of New India Co-operative Bank were more than Rs 1100 crore. It had 27 branches, most of which were located in Mumbai. Due to the irregularities going on in the bank, now RBI has decided to merge the bank while protecting the interests of the account holders.
What will be the effect on the account holders after the merger of the bank
After the merger of the bank, there will be no effect on the deposits of the account holders, their accounts, loans to FDs, that is, the money deposited in your bank will remain the same. After this merger, the account holders will get better services, strong banking network and technologically advanced facilities. New India Co-operative Bank has been merged with Saraswat Bank, which is the largest bank in the co-operative sector. However, due to the merger of the bank, some paperwork may increase for the account holders of New India Co-operative Bank. There may be changes in things like passbook, new chequebook, new IFSC code etc.
