Mumbai-based Maratha Bank merged with Cosmos Bank

Tags: National News

The Reserve Bank of India approved the merger between Maratha Cooperative Bank and Cosmos Cooperative Bank.

An Overview of the News

  • The merger is a voluntary scheme of amalgamation and the merger will be effective from May 29, 2023.
  • Maratha Sahakari Bank is subject to regulatory directions by RBI with effect from August 31, 2016.
  • The merger has been approved under the authority of the Banking Regulation Act, 1949.
  • Maratha Sahakari Bank has seven branches in Mumbai and was established in 1946.
  • The Reserve Bank of India closely monitored and regulated the operations of the Maratha Cooperative Bank.
  • The merger with Cosmos Co-operative Bank is aimed at ensuring the stability and continuity of services of Maratha Sahakari Bank.

About Reserve Bank of India

  • RBI was established on April 1, 1935 as per the provisions of the Reserve Bank of India Act, 1934.
  • It started functioning from 1 April 1935.
  • Sir Osborne Smith was made the first Governor of RBI.
  • The central office of the Reserve Bank was established in Kolkata which was permanently shifted to Mumbai in the year 1937.
  • It has the power to regulate banks under the Banking Regulation Act 1949.
  • It has the power to regulate Non-Banking Financial Company (NBFC) under the RBI Act 1934.
  • RBI is also the regulator of digital payment systems under the Payment and Settlement Act 2007.

Headquarters - Mumbai

Governor - Shaktikanta Das

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