RBI Approves Lalbaug Bank Amalgamation with Akhand Anand Bank
Summary
The Reserve Bank of India has sanctioned the voluntary amalgamation of Lalbaug Co-operative Bank Ltd. with Akhand Anand Co-operative Bank Ltd. The scheme of amalgamation will come into effect on March 23, 2026, with all branches of Lalbaug Bank becoming branches of Akhand Anand Bank.
What changed
The Reserve Bank of India (RBI) has approved the voluntary amalgamation of Lalbaug Co-operative Bank Ltd., Vadodara, Gujarat, with Akhand Anand Co-operative Bank Ltd., Surat, Gujarat. This decision, made under Section 44A read with Section 56 of the Banking Regulation Act, 1949, signifies a significant structural change for both institutions.
Effective March 23, 2026, all branches of Lalbaug Co-operative Bank will operate under the Akhand Anand Co-operative Bank banner. Compliance officers at both banks must ensure all operational, legal, and customer-facing aspects are seamlessly integrated by this date. This includes updating systems, customer communications, and regulatory reporting to reflect the new consolidated entity.
What to do next
- Ensure all operational and legal integration tasks are completed by March 23, 2026.
- Update all systems, customer communications, and regulatory reporting to reflect the consolidated entity.
- Confirm all branches of Lalbaug Co-operative Bank are functioning as Akhand Anand Co-operative Bank branches from March 23, 2026.
Source document (simplified)
Press Releases
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| Date : Mar 20, 2026 | |
| RBI approves the voluntary amalgamation of Lalbaug Co-operative Bank Ltd., Vadodara, Gujarat with Akhand Anand Co-operative Bank Ltd., Surat, Gujarat | |
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| The Reserve Bank of India, in exercise of the powers conferred under sub-section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949, has sanctioned the Scheme of Amalgamation of Lalbaug Co-operative Bank Ltd., Vadodara, Gujarat with Akhand Anand Co-operative Bank Ltd., Surat, Gujarat. The Scheme will come into effect from March 23, 2026 (Monday). All the branches of Lalbaug Co-operative Bank Ltd., Vadodara, Gujarat will function as branches of Akhand Anand Co-operative Bank Ltd., Surat, Gujarat with effect from March 23, 2026.
(Brij Raj)
Chief General Manager
Press Release: 2025-2026/2297 | | The Reserve Bank of India, in exercise of the powers conferred under sub-section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949, has sanctioned the Scheme of Amalgamation of Lalbaug Co-operative Bank Ltd., Vadodara, Gujarat with Akhand Anand Co-operative Bank Ltd., Surat, Gujarat. The Scheme will come into effect from March 23, 2026 (Monday). All the branches of Lalbaug Co-operative Bank Ltd., Vadodara, Gujarat will function as branches of Akhand Anand Co-operative Bank Ltd., Surat, Gujarat with effect from March 23, 2026.
(Brij Raj)
Chief General Manager
Press Release: 2025-2026/2297 |
| | |
| The Reserve Bank of India, in exercise of the powers conferred under sub-section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949, has sanctioned the Scheme of Amalgamation of Lalbaug Co-operative Bank Ltd., Vadodara, Gujarat with Akhand Anand Co-operative Bank Ltd., Surat, Gujarat. The Scheme will come into effect from March 23, 2026 (Monday). All the branches of Lalbaug Co-operative Bank Ltd., Vadodara, Gujarat will function as branches of Akhand Anand Co-operative Bank Ltd., Surat, Gujarat with effect from March 23, 2026.
(Brij Raj)
Chief General Manager
Press Release: 2025-2026/2297 | |
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