The voluntary Scheme of Amalgamation of Maratha Sahakari Bank with The Cosmos Co-operative Bank has been approved by the Reserve Bank of India (RBI).

The Scheme will go into effect on May 29, 2023, according to a statement from RBI.

On August 31, 2016, the central bank issued Maratha Sahakari Bank, which was established in 1946 and has seven locations in Mumbai, Directions pursuant to Section 35 of the Banking Regulation Act, 1949. The Directions were occasionally expanded.

“The authorities granted under Sub-Section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949, have been used to sanction the Scheme.

With effect from May 29, 2023, all of Maratha Sahakari Bank Ltd.’s Mumbai, Maharashtra, branches will operate as branches of The Cosmos Co-operative Bank Limited, Pune, Maharashtra. A multi-state urban cooperative bank with 140 branches in seven states as of March 31, 2022, The Cosmos Co-operative Bank had deposits and advances of $16,522 crore and $12,293 crore, respectively.