RBI Approves Saraswat Bank Amalgamation of New India Co-op Bank

The Reserve Bank of India (RBI) has allowed Saraswat Co-operative Bank (SCB) to take over New India Co-operative Bank (NICB).

This means SCB will absorb NICB, including its money and debts.

Starting August 4th, NICB branches will become SCB branches.

NICB customers will become SCB customers, making sure their money is safe.

This decision follows the discovery of problems at NICB, like missing funds.

SCB, a big bank already, has a history of buying other banks.