YLNS Co-Op Bank merges with Gayatri Co-Op Urban Bank

Warangal: The Reserve Bank of India has sanctioned the ‘Scheme of Amalgamation’ of the Yadagiri Lakshmi Narasimha Swamy (YLNS) Co-operative Urban Bank Ltd with the Gayatri Co-operative Urban Bank Ltd in Jagtial with effect from June 10.

“We are going to be acquiring the bank, which is having six branches and 170.74 crores of business,” said Vanamala Srinivas, Chief Executive Officer of the Gayatri Co-operative Urban Bank Ltd.

“It is significant to note that, post-merger, our deposits will be at Rs 1635.86 crores, loans at Rs 1177.82 crores and business at Rs 2813.68 crores. We have strong customer base of 7.46 lakhs at present which stands highest among Cooperative Banking sector in South India,” he said.

“On behalf of our Gayatri Bank, board of directors and staff members, I take the privilege of thanking, all the board of directors of YLNS Bank for the voluntary decision of merger,” said the CEO.