The Reserve Bank of India has sanctioned the Scheme of Amalgamation of The Navanirman Co-operative Urban Bank Ltd with Rajadhani Co-op. Urban Bank Ltd. Both urban co-operative banks are Hyderabad-based.
The branch of The Navanirman Co-operative Urban Bank Ltd will function as a branch of Rajadhani Co-op. Urban Bank Ltd with effect from August 03, 2023, per a RBI statement.
“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 August 03, 2023,” RBI said.