The Reserve Bank of India has approved the merger of Yadagiri Lakshmi Narasimha Swamy (YLNS) Co-operative Urban Bank Ltd with Gayatri Co-operative Urban Bank Ltd in Jagtial on June 10. The CEO of Gayatri Co-operative Urban Bank Ltd, Vanamala Srinivas, announced that the YLNS bank, which has six branches and a business worth 170.74 crores, will now be acquired by them.
After the merger, Gayatri Co-operative Urban Bank Ltd will have deposits of Rs 1635.86 crores, loans worth Rs 1177.82 crores, and total business of Rs 2813.68 crores. They currently have a customer base of 7.46 lakhs, the highest among Cooperative Banking sector in South India, according to Srinivas. He expressed gratitude to the board of directors of YLNS Bank for their decision to merge voluntarily.
The CEO extended thanks on behalf of Gayatri Bank, its board of directors, and staff members, for the cooperation in this merger process.
