Karnataka - Bellary   

Merger of two local banks welcomed

BELLARY: Devaki Muthukrishnan, Regional Director of the Reserve Bank of India (RBI) and chairperson of the Task Force on Urban Cooperative Banks, has expressed hope that Karnataka would emerge as a model in terms of reducing the number of weak urban cooperative banks.

Speaking after inaugurating the first branch of the Souhardha Urban Cooperative (SUCO) Bank here on Monday, she welcomed the merger of Bellary-based Mahila Shakti Urban Cooperative Bank with the SUCO Bank. According to her, Karnataka was among 13 States in the country to enter into a Memorandum of Understanding (MoU) with the RBI with the aim of merging weak banks with strong ones, besides avoiding non-disruptive exits. Manohar Maski, MLC and chairman of SUCO Bank said the process of merging the Hubli-based Vardhaman Cooperative Bank with SUCO Bank was under way. He said SUCO Bank, a fully computerised institution, had geared up to face challenges posed in a globalised set-up.

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