In a major development, the Reserve Bank of India has sanctioned the scheme of amalgamation of the Satara-based Pune Commercial Cooperative Bank with Pune’s Pimpri Chinchwad Sahakari Bank.
The scheme has been sanctioned under the powers conferred by Sub-Section (4) of Section 44A, read with Section 56 of the Banking Regulation Act, 1949. The Scheme of Amalgamation shall come into effect from February 10, 2025 (‘operative date of amalgamation’).
Speaking to Indian Cooperative about this development, Pimpri Chinchwad Sahakari Bank Chairman Shirish Deshpande said, “We are happy that the RBI has approved the scheme of amalgamation of Pune Commercial Co-op Bank with our bank. From February 10, 2025, the four branches of Pune Commercial Co-op Bank will operate under the name of Pimpri Chinchwad Sahakari Bank.”
He further added, “The financial position of Pune Commercial Cooperative Bank is not so bad and is fairly up to the mark, with a business mix of around Rs 100 crore. However, with this amalgamation, Pimpri Chinchwad Sahakari Bank’s business will rise to more than Rs 450 crore, and our total branch network will expand to eight.”
It is worth noting that Pimpri Chinchwad Sahakari Bank submitted the letter for amalgamation on December 19, 2024.
