News

Suvarna may merge with Cosmos Co-operative (BS 12.09.06) In what appears to be a move to pre-empt moratorium and other restrictions from the Reserve Bank of India (RBI), the city-based Shree Suvarna Sahakari Bank (Shree Suvarna) has proposed a merger with Cosmos Co-operative Bank, another Pune-based bank, which is on an aggressive takeover spree over the last couple of years in its attempt to increase its branch network. Currently, Shree Suvarna has 12 branches with a deposit base of Rs 810 crore and advances of Rs 650 crore. Its NPAs total Rs 125 crore, 13 per cent as against seven per cent maximum allowable under the RBI norms.