RBI Merges 4 Banks: Your Money is Safe, What Changes for Account Holders?

• RBI approved the merger of Amod Nagarik Sahakari Bank with The Bhuj Mercantile Cooperative Bank, and Amarnath Cooperative Bank with Kalupur Commercial Cooperative Bank.
• These are voluntary mergers under the Banking Regulation Act, 1949, ensuring no loss or inconvenience to customers.
• Your money, interest rates, and existing bank branches are safe; no need to withdraw funds or close accounts.
• Old passbooks and chequebooks remain valid temporarily; new ones will be issued by the merged bank.
• IFSC/MICR codes will change; update them for SIPs, EMIs, and online transactions after bank notification.

Why It Matters: RBI-approved bank mergers ensure customer funds are safe; minor account updates expected.