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Wednesday, April 1, 2015

The Wait is over-RBI approves ING Vysya Bank Ltd.- Kotak Mahindra Bank Ltd. Amalgamation



The first Press Release by Reserve Bank of India in the new financial year 2015-16 was on the Scheme of Amalgamation of ING Vysya Bank Ltd. with Kotak Mahindra Bank Ltd.

The Scheme has been sanctioned in exercise of the powers contained in Sub-section (4) of Section 44A of the Banking Regulation Act, 1949.

The Scheme will come into force with effect from April 1, 2015. All the branches of ING Vysya Bank Ltd. will function as branches of Kotak Mahindra Bank Ltd. with effect from April 1, 2015.

The branding migration will begin very shortly. As the weeks unfold the contours of the complete migration plan will be clear.

The merger was announced to the public at large on November 20, 2014 and all the legal points were covered with RBI announcing the approval of the merger.





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