{"id":227869,"date":"2020-04-03T14:00:26","date_gmt":"2020-04-03T08:30:26","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=227869"},"modified":"2020-04-03T13:15:42","modified_gmt":"2020-04-03T07:45:42","slug":"bank-mergers-rbi-schemes-of-amalgamation-enforced-w-e-f-1st-april-2020","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/04\/03\/bank-mergers-rbi-schemes-of-amalgamation-enforced-w-e-f-1st-april-2020\/","title":{"rendered":"Bank Mergers | RBI | Schemes of Amalgamation enforced w.e.f 1st April, 2020"},"content":{"rendered":"<p style=\"text-align: justify;\">The <strong><span style=\"color: #0000ff;\">Amalgamation of Allahabad Bank into Indian Bank Scheme, 2020<\/span><\/strong> dated March 4, 2020, issued by the Government of India was published under Extraordinary Part II-Section 3-Sub-section (i) in the Gazette of India sanctioning the Amalgamation of Allahabad Bank into Indian Bank in terms of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970). The scheme comes into force on the 1st day of April 2020.<\/p>\n<p style=\"text-align: justify;\">Consequently, all branches of Allahabad Bank will function as branches of Indian Bank from April 1, 2020. Customers, including depositors of Allahabad Bank, will be treated as customers of Indian Bank with effect from April 1, 2020.<\/p>\n<hr \/>\n<p>The <strong><span style=\"color: #0000ff;\">Amalgamation of Syndicate Bank into Canara Bank Scheme, 2020<\/span><\/strong> dated March 4, 2020, issued by the Government of India was published under Extraordinary Part II-Section 3-Sub-section (i) in the Gazette of India sanctioning the Amalgamation of Syndicate Bank into Canara Bank in terms of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970). The scheme comes into force on the 1st day of April 2020.<\/p>\n<p>Consequently, all branches of Syndicate Bank will function as branches of Canara Bank from April 1, 2020. Customers, including depositors of Syndicate Bank, will be treated as customers of Canara Bank with effect from April 1, 2020.<\/p>\n<hr \/>\n<p>The <strong><span style=\"color: #008000;\">Amalgamation of Andhra Bank and Corporation Bank into Union Bank of India Scheme, 2020<\/span><\/strong> dated March 4, 2020, issued by the Government of India was published under Extraordinary Part II-Section 3-Sub-section (i) in the Gazette of India sanctioning the Amalgamation of Andhra Bank and Corporation Bank into Union Bank of India in terms of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) and section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980). The scheme comes into force on the 1st day of April 2020.<\/p>\n<p>Consequently, all branches of Andhra Bank and Corporation Bank will function as branches of Union Bank of India from April 1, 2020. Customers, including depositors of Andhra Bank and Corporation Bank, will be treated as customers of Union Bank of India with effect from April 1, 2020.<\/p>\n<hr \/>\n<p>The <strong><span style=\"color: #008000;\">Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank Scheme, 2020<\/span><\/strong> dated March 4, 2020, issued by the Government of India was published under Extraordinary Part II-Section 3-Sub-section (i) in the Gazette of India sanctioning the Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank in terms of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) and section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980). The scheme comes into force on the 1st day of April 2020.<\/p>\n<p>Consequently, all branches of Oriental Bank of Commerce and United Bank of India will function as branches of Punjab National Bank from April 1, 2020. Customers, including depositors of Oriental Bank of Commerce and United Bank of India, will be treated as customers of Punjab National Bank with effect from April 1, 2020.<\/p>\n<hr \/>\n<p><strong>Reserve Bank of India<\/strong><\/p>\n<p style=\"text-align: right;\">[Press Release dt. 28-03-2020]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Amalgamation of Allahabad Bank into Indian Bank Scheme, 2020 dated March 4, 2020, issued by the Government of India was published <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8051,1188,2],"tags":[30940,40425],"class_list":["post-227869","post","type-post","status-publish","format-standard","hentry","category-business_news","category-hot_off_the_press","category-news","tag-amalgamation","tag-bank-mergers"],"yoast_head":"<!-- This site is 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The amalgamation came into force on the Appointed date i.e. November 27, 2020. Customers, including depositors of the Lakshmi Vilas Bank Ltd. will be able to operate their accounts\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":239677,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/11\/26\/cabinet-approves-scheme-of-amalgamation-of-lakshmi-vilas-bank-with-dbs-bank-india-limited\/","url_meta":{"origin":227869,"position":1},"title":"Cabinet approves Scheme of Amalgamation of Lakshmi Vilas Bank with DBS Bank India Limited","author":"Bhumika Indulia","date":"November 26, 2020","format":false,"excerpt":"Scheme of Amalgamation The Union Cabinet has given its approval to the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL). On 17.11.2020, to protect depositors' interest and in the interest of financial and banking stability, on RBI's application under section 45 of the\u2026","rel":"","context":"In &quot;Cabinet Decisions&quot;","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":209020,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/01\/30\/central-government-notifies-amalgamation-of-gramin-bank-of-aryavart-and-allahabad-up-gramin-bank\/","url_meta":{"origin":227869,"position":2},"title":"Central Government notifies amalgamation of Gramin Bank of Aryavart and Allahabad UP Gramin Bank","author":"Bhumika Indulia","date":"January 30, 2019","format":false,"excerpt":"Gramin Bank of Aryavart and Allahabad UP Gramin Bank amalgamated into a single Regional Rural Bank--Aryavart Bank","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":226520,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/cabinet-approves-mega-consolidation-in-public-sector-banks\/","url_meta":{"origin":227869,"position":3},"title":"Mega Consolidation in Public Sector Banks &#8212; Approved by Cabinet","author":"Bhumika Indulia","date":"March 4, 2020","format":false,"excerpt":"Union Cabinet has approved the mega consolidation of ten PSBs into four which include the \u2013 (a) \u00a0Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank (b) \u00a0Amalgamation of Syndicate Bank into Canara Bank (c) \u00a0Amalgamation of Andhra Bank and Corporation Bank into Union\u2026","rel":"","context":"In &quot;Cabinet Decisions&quot;","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":239331,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/11\/18\/lakshmi-vilas-bank-rbi-announces-draft-scheme-of-amalgamation\/","url_meta":{"origin":227869,"position":4},"title":"Lakshmi Vilas Bank: RBI announces Draft Scheme of Amalgamation","author":"Bhumika Indulia","date":"November 18, 2020","format":false,"excerpt":"The Reserve Bank of India has placed in the public domain a draft scheme of amalgamation\u00a0of The Lakshmi Vilas Bank Ltd. (LVB) with DBS Bank India Ltd. (DBIL), a banking company incorporated in India under Companies Act, 2013, and having its Registered Office at New Delhi. DBIL is a wholly-owned\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":127641,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/28\/rbi-proposes-fresh-regulations-under-foreign-exchange-management-act-1999-for-cross-border-mergers\/","url_meta":{"origin":227869,"position":5},"title":"RBI proposes fresh Regulations under Foreign Exchange Management Act, 1999 for Cross Border Mergers","author":"Saba","date":"April 28, 2017","format":false,"excerpt":"The Reserve Bank has placed on its website the draft guidelines proposed to be issued on cross border merger transactions pursuant to the Rules notified by Ministry of Corporate Affairs through Companies (Compromises, Arrangements and Amalgamation) Amendment Rules, 2017 on April 13, 2017. Section 234 of the Companies Act, 2013\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/227869","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=227869"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/227869\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=227869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=227869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=227869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}