The Reserve Bank of India (RBI) on Thursday approved the merger of Bank of Rajasthan (BOR) with ICICI Bank, the country’s largest private sector lender.
The merger will come into effect from Friday.
“All branches of Bank of Rajasthan will function as branches of ICICI Bank with effect from August 13, 2010,” RBI said in statement.
ADVERTISEMENT
In May, after both the banks agreed for the amalgamation and getting the shareholders’ approval, they moved the RBI on June 25 for approval of the scheme of merger.
Post regulatory approvals, this would be the third acquisition by ICICI Bank. It acquired Bank of Madura way back in 2001 and Maharashtra-based Sangli Bank was amalgamated with itself in 2007.
This is a Premium article available exclusively to our subscribers. To read 250+ such premium articles every
month
You have exhausted your free article limit.
Please support quality journalism.
You have exhausted your free article limit.
Please support quality journalism.
The Hindu operates by its editorial values to provide you quality journalism.
You have read {{data.cm.views}} out of {{data.cm.maxViews}} free articles.
This is your last free article.