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The bank, which has been under an RBI-appointed administrator for the last four years, said its joint proposal to merge with the Maharashtra State Co-operative Bank (MSC Bank) is pending the mandatory approvals and hoped the regulator will take a pragmatic call on the same.
The Reserve Bank of India (RBI) had first imposed restrictions on the bank from February 22, 2013, to August 21, 2013, and extended it on eight occasions six months each, and four occasions for three months each.