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.
