RBI sanctions LKB Amalgamation with CBoP
Case Brief
The Reserve Bank of India sanctioned the Scheme of Amalgamation of Lord Krishna Bank Ltd. with Centurion Bank of Punjab Ltd. under Section 44A(4) of the Banking Regulation Act, 1949. The scheme becomes effective on August 29, 2007, and all branches of Lord Krishna Bank Ltd. will thereafter operate as branches of Centurion Bank of Punjab Ltd.
The Reserve Bank of India approved the amalgamation scheme under Sub-section (4) of Section 44A of the Banking Regulation Act, 1949. The scheme provides that Lord Krishna Bank Ltd. will merge into Centurion Bank of Punjab Ltd., and all branches of Lord Krishna Bank Ltd. will function as branches of Centurion Bank of Punjab Ltd. from the effective date.
Severity Assessment
This is a sanctioned amalgamation/merger, not an adverse enforcement action; it does not impose a forward-looking restriction or penalty.
From August 29, 2007, Lord Krishna Bank Ltd. ceases to operate independently as its branches are absorbed into Centurion Bank of Punjab Ltd. The change affects the two banks and the customers of Lord Krishna Bank, whose branches continue under the transferee bank.
Published as Centurion Bank of Punjab Ltd.
Published as Lord Krishna Bank Ltd.
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