The Reserve Bank of India (RBI) has sanctioned the amalgamation of the Anjangaon Surji Nagari Sahakari Bank Ltd., Amravati, with the Jalgaon Peoples Co-operative Bank Limited, Jalgaon.
This decision has been taken under the powers conferred by Sub-Section (4) of Section 44A, read with Section 56 of the Banking Regulation Act, 1949.
The amalgamation scheme will come into effect from January 1, 2025 (Wednesday). Post-amalgamation, all branches of the Anjangaon Surji Nagari Sahakari Bank will operate as branches of the Jalgaon Peoples Co-operative Bank.
Jalgaon Peoples Cooperative Bank has a business mix of more than Rs 3000 crore and earned a net profit of Rs 4.53 crore in the 2023-24 FY.