RBI sanctions LKB Amalgamation with CboP

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RBI sanctions LKB Amalgamation with CboP

RBI sanctions LKB Amalgamation with CboP

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The Reserve Bank of India has sanctioned the Scheme of Amalgamation of Lord Krishna Bank Ltd. with Centurion Bank of Punjab Ltd. The Scheme has been sanctioned in exercise of the powers contained in Sub-section (4) of Section 44A of the Banking Regulation Act, 1949. The Scheme will come into force with effect from August 29, 2007. All the branches of Lord Krishna Bank Ltd. will function as branches of Centurion Bank of Punjab Ltd. with effect from August 29, 2007. 

Sourced From: Reserve Bank of India