RBI approves merger of NICBL with Saraswat Co-operative Bank

Mumbai, Aug 1 (PTI) The Reserve Bank gave its nod for the merger of the troubled New India Co-operative Bank Ltd (NICBL) with Saraswat Co-operative Bank.

Acting on a request from both the lenders, who approached the central bank after clearance from their shareholders, RBI sanctioned the Scheme of Amalgamation in exercise of the powers conferred under sub-section (4) of Section 44A read with Section 56 of the Banking Regulation Act 1949, as per an official statement.

Saraswat Bank will take over all the assets and liabilities of NICBL, and all branches of NICBL will function as branches of Saraswat Bank from August 4, it said.

************ * Learning centre for LGBTQIA+ completes one year Deutsche Bank on Friday said an evening learning centre for LGBTQIA+ community started by the German lender in association with Masoom, a local not-for-profit organisation, has completed one year.

The centre based in central Mumbai's Sion had enrolled 35 learners, 16 of whom continued their academic journey, an official statement said, adding five of them have successfully passed the class ten examination conducted in March 2025.

************* * BSE receives 172 complaints in July BSE, Asia's oldest stock bourse, on Friday said that it received 172 complaints against 128 companies in July this year.

It resolved 171 complaints against 122 companies in the month, including the pending ones, as per an official statement.

JSW Steel and Reliance Home Finance have the highest number of cases pending for redressal with six cases each, it said. PTI AA HVA