The Reserve Bank of India (RBI) has given the green light for the voluntary amalgamation of two co-operative banks in Gujarat. Lalbaug Co-operative Bank Ltd., located in Vadodara, will merge with Akhand Anand Co-operative Bank Ltd. from Surat.
This decision comes as part of the RBI’s authority under specific provisions of the Banking Regulation Act, 1949. According to an official statement, the Scheme of Amalgamation is set to take effect on March 23, 2026.
Starting that date, all branches previously operated by Lalbaug Co-operative Bank will transition to operate as branches under Akhand Anand Co-operative Bank. This move means that Akhand Anand will assume control over Lalbaug’s assets and liabilities, streamlining banking services in the region.
This merger marks a significant change for both banks and aims to enhance operational efficiency while serving their customers better.