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.Ā Ā 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.Ā Ā 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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