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Saraswat Bank proposes to acquire ailing New India Co-operative Bank
Aathira Varier Abhijit Lele Mumbai
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Saraswat Co-operative Bank has approached the Reserve Bank of India (RBI) to merge with ailing New India Co-operative Bank (New India), subject to shareholder approval of both the banks.
In February, the RBI prohibited the Mumbai-based New India Co-operative Bank from issuing fresh loans and suspended deposit withdrawals for six months, starting 13 February. The RBI then superseded the board and appointed an administrator to manage the affairs of the bank. Later, depositors were allowed to withdraw up to Rs 25,000. The RBI's intervention was triggered by allegations of fund misappropriation by some officials of New India Co-operative Bank. The
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