New Enroll in our GIC Finance Online Course Here!

    Register

    Question

    The Reserve Bank of India (RBI) has approved the

    amalgamation of Akola Merchant Co-operative Bank Ltd, located in Akola, Maharashtra, with The Jalgaon Peoples Co-operative Bank Ltd, situated in Jalgaon, Maharashtra.   This merger has been sanctioned by the RBI, exercising its powers as per Sub-Section (4) of Section 44A in conjunction with _______of the Banking Regulation Act, 1949.
    A Section 48 Correct Answer Incorrect Answer
    B Section 51 Correct Answer Incorrect Answer
    C Section 56 Correct Answer Incorrect Answer
    D Section 65 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    The Reserve Bank of India (RBI) has approved the amalgamation of Akola Merchant Co-operative Bank Ltd, located in Akola, Maharashtra, with The Jalgaon Peoples Co-operative Bank Ltd, situated in Jalgaon, Maharashtra. This merger has been sanctioned by the RBI, exercising its powers as per Sub-Section (4) of Section 44A in conjunction with Section 56 of the Banking Regulation Act, 1949.   This move is expected to contribute to the strengthened banking landscape in the region and enhance the services offered to customers of both institutions.

    Practice Next