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Saraswat, New India merger gets RBI nod
Mint New Delhi
|July 02, 2025
Saraswat Bank will take over NICBL's assets and liabilities by Aug-Sep 2025, aiming to protect depositor interest
Saraswat Co-operative Bank Ltd said on Tuesday it will acquire the beleaguered New India Co-operative Bank Ltd (NICBL), in a relief to depositors who were unable to fully access their funds after the central bank imposed restrictions following a ₹122-crore scam.
The Reserve Bank of India (RBI) has given its in-principle approval after Saraswat Bank approached the central bank with its proposal for the amalgamation, and a final nod will depend on the shareholders of both banks.
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