The Saraswat Co-operative Bank Ltd has asked for Reserve Bank of India's permission to take over South Indian Co-operative Bank, sources at the bank said on Friday.
“We have applied to the RBI to take over South Indian Co-operative and we expect the formalities to be completed in a couple of months,” a senior official at the bank told Reuters on the condition of anonymity.
Another official said the bank management has met officials at the central bank on Thursday to discuss the proposal.
Officials at the South Indian Co-operative Bank and the central bank were not immediately available for comments.
Saraswat Bank has a deposit base of 110 billion rupees and an advances base of 70 billion rupees as of March, the official said. (Reuters)