Visakhapatnam Cooperative Bank (VCB) is set to take over loss-making Ongole Cooperative bank.
“The VCB board has approved the proposal, which has been sent to the Reserve Bank of India. We expect RBI nod in two or three months,” Narasimha Murthy, secretary, VCB, said. Ongole Cooperative Bank has two branches.
VCB has already merged two loss-making cooperative banks — Bobbili Cooperative bank in Vizianagaram district and Ramachandrapuram Cooperative Bank in East Godavari district — with itself in the last two year. This apart, the bank is also looking to merge Tirupati Cooperative Bank (TCB) with itself.