Indore: City’s Nagrik Sahakari Bank merged with Akola Urban Bank

Indore (Madhya Pradesh): Well-known co-operative bank of the city Nagrik Sahakari Bank Ltd, which has been functioning for the past 50 years, officially merged with Akola Urban Co-Operative Bank on Monday. Now it will also be known as a multi-state scheduled bank.

Nagrik Sahakari Bank Ltd had four branches in the city with its headquarters at Chimanbagh Square. On the occasion of the merger of the bank a function was organised. Jyotindra Mehta, president, National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB) was the chief guest of the programme. Director of Reserve Bank, Satish Marathe and RSS Malwa province chief Prakash Shastri were also present as guests. Addressing the function Mehta said that after this revolutionary change, the bank will move forward and touch new heights.

Bank's chairman Rameshwar Fundkar said that today all the banks have surplus funds and finding good creditors is a problem. We will explore new business in the city and give loans on easy terms. He was accompanied by the bank's vice president Shantanu Joshi, chief executive officer Rajan Sontakke and the entire board of directors.

Pratibha Joshi conducted the program. A large number of shareholders and customers of the bank were present on this occasion.