Amanath Bank finally merges with Canara Bank

May 1, 2014

Bangalore, May 1: Public sector lender Canara Bank has completed all processes to take over the liabilities and assets of Amanath Co-operative Bank, said Managing Director RK Dubey.

He said Amanath Bank would be merged with Canara Bank on the lines of the merger of Memon Co-operative Bank Limited in Mumbai with Bank of Baroda which was completed last year.

Dubey was speaking after the launch of BReT solutions, an e-learning platform for those appearing for banking examinations. He also made a case for an increase in the presence of public sector banks and said the lack of such institutions was resulting in scams and the innocent being fleeced.

Citing the Saradha scam in West Bengal and the Sahara case, Dubey said these occurred because of a paucity of public sector banking institutions in the region'.

“In West Bengal, over 950 village panchayats have no public sector banks, and the situation is worse in neighbouring Odisha and north-eastern states,” he said. The only solution to prevent financial frauds is to encourage the setting-up of public sector banking institutions, he said.

He said West Bengal Chief Minister Mamata Bannerjee had come forward to support public sector banks with logistics help and land to open branches.

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