RBI proposed Scheme of Amalgamation of United Western Bank with IDBI

Industrial Development Bank of India Ltd (IDBI) has announced that Reserve Bank of India has vide their letter dated September 12, 2006 advised the Bank that it is proposed to amalgamate the United Western Bank Ltd. with the Bank and accordingly, RBI has forwarded a draft scheme of amalgamation prepared by them in pursuance of sub section (4)(d)(ii) of Section 45 of the Banking Regulation Act, 1949. RBI has desired the Bank to submit its suggestions/objections, if any, to the draft scheme of amalgamation to RBI so as to reach them by the close of business hours on September 27, 2006.

Further the Bank has informed that, in the above connection a meeting of the Board of Directors of the Bank will be held on September 21, 2006 to consider the draft scheme of amalgamation and convey its views to RBI.

Source : Equity Bulls

Keywords