Maratha Mandir merges with Saraswat Bank

Saraswat Co-operative Bank has completed the merger of Maratha Mandir Co-operative Bank (MMCB) with itself. This is major merger in the co-operative banking sector in the recent past.

The city-based MMCB had deposits worth Rs 180 crore and loan assets worth Rs 110 crore. Its 242 employees have been absorbed by Saraswat Bank. MMCB's 11 branches and one extension counter are now part of Saraswat Bank's network.

The merger, one of the biggest in the co-operative banking sector in the recent past, will become effective from April 3.

In 2004, RBI had put MMCB under moratorium allowing cash withdrawals only up to Rs 5,000 per account. Saraswat Bank's deposits and advances for 2004-05 stood at Rs 4,786.14 crore and Rs 3,247.23 crore, respectively.