The Reserve Bank of India (RBI) was asked to clarify its stand on the two conditions imposed by it for the merger of Amanath Cooperative Bank with Canara Bank, by the High Court of Karnataka, here on June 12.
Justice Ram Mohan Reddy issued direction, while hearing petitions on the proposed merger. The RBI had earlier imposed conditions that Canara Bank must not suffer any loss because of the merger and the Amanath Bank depositors should agree to bear some loss due to the financial condition of the bank. Counsel for Canara Bank said that the bank would suffer loss due to the merger.Courtesy:Karnataka Muslims
http://karnatakamuslims.com/portal/rbi-clarification-sought-on-canara-amanath-bank-merger-by-hc/