New Delhi: The Reserve Bank of India (RBI) has approved the voluntary amalgamation of Lalbaug Co-operative Bank Ltd., Vadodara, with Akhand Anand Co-operative Bank Ltd., Surat.

The RBI, in exercise of the powers conferred under sub-section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949, has sanctioned the Scheme of Amalgamation between the two co-operative banks, according to an official press release.

As per the approval, the Scheme of Amalgamation will come into effect from March 23, 2026 (Monday). From this date, all the branches of Lalbaug Co-operative Bank Ltd., Vadodara, will operate as branches of Akhand Anand Co-operative Bank Ltd., Surat.

Following the merger, the Surat-based Akhand Anand Co-operative Bank will take over the assets, liabilities, and operations of Lalbaug Co-operative Bank as per the approved scheme.

The amalgamation has been sanctioned under the provisions of the Banking Regulation Act applicable to co-operative banks. DeshGujarat