The RBI has granted approval for the merger of National Co-operative Bank with Cosmos Co-operative Bank. Banking & Finance | Dated: 07 Jan 2025 On January 3, 2025, the Reserve Bank of India (RBI) approved the merger of National Co-operative Bank Limited, Bengaluru (Karnataka) with Cosmos Co-operative Bank Limited, Pune (Maharashtra), effective from January 6, 2025. 🎯 Key Highlights: - The RBI sanctioned the Scheme of Amalgamation of the banks in exercise of the powers conferred under Sub-Section(4) of Section 44A with Section 56 of the Banking Regulation Act, 1949. 💡 Other Important Facts: (i) The RBI also granted approval to Housing Development Finance Corporation (HDFC) Bank Limited to acquire up to a 9.5% stake in AU Small Finance Bank Limited, Kotak Mahindra Bank Limited (KMBL), and Capital Small Finance Bank Limited. (ii) The approval is valid for a 1-year period, expiring on January 2, 2026. (iii) This approval also covers HDFC Bank's group companies, including HDFC Mutual Fund (MF), HDFC Life Insurance, HDFC ERGO General Insurance, HDFC Securities, and HDFC Pension Management. 📚 Test Your Knowledge: Which institution approved the merger of National Co-operative Bank and Cosmos Co-operative Bank? Correct Answer: RBI 🚀 Quick Recap: About AU Small Finance Bank MD & CEO : Sanjay Agarwal Headquarters: Jaipur