The Reserve Bank of India (RBI) has sanctioned the voluntary Scheme of Amalgamation of Maratha Sahakari Bank with The Cosmos Co-operative Bank.

The Scheme will come into force with effect from May 29, 2023, RBI said in a statement.

The central bank had placed Maratha Sahakari Bank, which was founded in 1946 and has seven branches in Mumbai, under Directions under Section 35 of the Banking Regulation Act, 1949, on August 31, 2016. The Directions were extended from time to time.

Also read: RBI notifies Adoor Co-operative Urban Bank as a non-banking Institution

“The Scheme has been sanctioned in exercise of the powers conferred under Sub-Section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949.

“All the branches of Maratha Sahakari Bank Ltd., Mumbai (Maharashtra) will function as branches of The Cosmos Co-operative Bank Limited, Pune (Maharashtra) with effect from May 29, 2023,” RBI’s statement noted.

As of March-end 2022, The Cosmos Co-operative Bank, which is a multi-state urban co-operative bank with 140 branches in seven states, had deposits and advances of ₹16,522 crore and ₹12,293 crore, respectively.