M&A

M&A

Saraswat Bank gets RBI nod to acquire scam-hit New India Coop Bank

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Saraswat Co-operative Bank Ltd (SCBL) has received the approval of the Reserve Bank of India (RBI) to acquire fellow Mumbai-based New India Co-operative Bank Ltd (NICBL), in a relief to depositors who have been unable to fully access their funds after the RBI imposed restrictions following an alleged INR 122-crore scam. Post the merger, SCBL will take over all assets and liabilities of NICBL.NICBL has recorded a negative net worth of INR 102.74 crore for FY25. It reported a total business of INR 3,560.52 crore. SCBL has reported a total business of INR 91,814 crore as on 31 March 2025. The bank reported a net profit of INR 518.25 crore in FY25.