The Reserve Bank of India has sanctioned the Scheme of Amalgamation of Akola Merchant Co-operative Bank Ltd., Akola, Maharashtra with The Jalgaon Peoples Co-operative Bank Ltd., Jalgaon, Maharashtra. The Scheme has been sanctioned in exercise of the powers conferred under Sub-Section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949. The Scheme will come into force with effect from August 28, 2023. The branches of Akola Merchant Co-operative Bank Ltd., Akola (Maharashtra) will function as branches of The Jalgaon Peoples Co-operative Bank Ltd., Jalgaon (Maharashtra) with effect from August 28, 2023.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/818