Saptashrungi Bank, SVC Bank merger in offing

Mumbai, Apr 15 (UNI) Nashik-based Saptashrungi Urban Cooperative Bank will soon be merged into the Shamrao Vithal Cooperative (SVC) Bank.

An SVC Bank press release said the process of merger is in progress and necessary clearances and approval have been secured.

Very soon a formal announcement to this effect will be made, the release said.

The original approvals had been given by the Registrar of Cooperative Societies (RCS) in Pune on November 30, 2005, and by the RBI on March 23, this year.

The two banks are now poised for merger following approvals of their respective general bodies. A final order of merger from Registrar of Cooperative Societies is awaited, the release added.

UNI MR MAZ AW1958