Question
The Reserve Bank of India (RBI) has approved the
amalgamation of Akola Merchant Co-operative Bank Ltd, located in Akola, Maharashtra, with The Jalgaon Peoples Co-operative Bank Ltd, situated in Jalgaon, Maharashtra. This merger has been sanctioned by the RBI, exercising its powers as per Sub-Section (4) of Section 44A in conjunction with _______of the Banking Regulation Act, 1949.Solution
The Reserve Bank of India (RBI) has approved the amalgamation of Akola Merchant Co-operative Bank Ltd, located in Akola, Maharashtra, with The Jalgaon Peoples Co-operative Bank Ltd, situated in Jalgaon, Maharashtra. This merger has been sanctioned by the RBI, exercising its powers as per Sub-Section (4) of Section 44A in conjunction with Section 56 of the Banking Regulation Act, 1949. This move is expected to contribute to the strengthened banking landscape in the region and enhance the services offered to customers of both institutions.
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