Saraswat Bank completes New India Bank merger; account access begins Monday
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Following the merger, Saraswat Bank will assume all assets and liabilities of New India Bank. "Customers, including depositors of NICBL, will be treated as customers of Saraswat Bank with effect from 4th August, 2025, and their interests will be fully protected," Saraswat Bank said.
The move follows approvals by shareholders of both banks. Saraswat Bank passed the scheme at its special general meeting held on Jul 22, while NICB members cleared it in their annual general meeting.
The proposal was then sent to RBI, which sanctioned the amalgamation under Section 44A (4) of the Banking Regulation Act, 1949.
"RBI has sanctioned the Scheme of Amalgamation of NICB with Saraswat Co-operative Bank. The Scheme will come into force with effect from August 04, 2025 (Monday). All the branches of New India Co-operative Bank Ltd, Mumbai will function as branches of Saraswat Co-operative Bank with effect from August 04, 2025," RBI said.
NICB was placed under RBI moratorium on Feb 13, 2025, following losses, poor governance, and a Rs 122 crore embezzlement by senior officials. A police complaint and arrests followed. RBI's surprise inspection found serious compliance failures. All withdrawals were frozen, lending and deposit-taking were banned, and the board was replaced by an administrator. RBI said the action was necessary to protect depositors and stabilise the bank while exploring revival or merger options.
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Saraswat Bank is nearly 25 times larger than the erstwhile NICB. Saraswat reported a total business volume of Rs 91,814 crore, with deposits of Rs 55,481 crore and advances of Rs 36,333 crore. NICB had a total business of Rs 3,560 crore, including deposits of around Rs 2,250-2,398 crore and advances of about Rs 1,100–1,162 crore. Saraswat Bank chairman Gautam Thakur had said that with a capital adequacy of over 17%, Saraswat was well placed to absorb NICB.
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