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Question

Which section of the Banking Regulation Act, 1949 did the RBI provide approval for the merger under?
  • Section 26
  • Section 34
  • Section 40
  • Section 44A(4)
Answer- D
The RBI has officially confirmed that the voluntary Scheme of Amalgamation between Maratha Sahakari Bank and The Cosmos Co-operative Bank has received the required sanction.

Regulatory approval has been granted in accordance with the provisions of Section 44A(4) read with Section 56 of the Banking Regulation Act, 1949.