The Reserve Bank of India has sanctioned the Scheme of Amalgamation of Mumbai-based Sahebrao Deshmukh Co-operative Bank Ltd with Pune-based Cosmos Co-operative Bank Ltd.

“The Scheme has been sanctioned in exercise of the powers conferred under …the Banking Regulation Act, 1949. The Scheme will come into force with effect from September 26, 2023,” RBI said.

The branches of Sahebrao Deshmukh Co-operative Bank Ltd will function as branches of Cosmos Co-operative Bank Ltd., with effect from September 26, 2023.