RBI Approves Merger of Dhinoj Nagrik Sahakari Bank with Akhand Anand Co-operative Bank

Surat | Gujarat – In a major development for the cooperative banking sector, the Reserve Bank of India (RBI) has approved the voluntary amalgamation of Dhinoj Nagrik Sahakari Bank Ltd., Dhinoj with Akhand Anand Co-operative Bank Ltd., Surat. The merger, sanctioned under Section 44A(4) read with Section 56 of the Banking Regulation Act, 1949, will take effect from June 16, 2025 (Monday).

As per the RBI’s order, all existing branches of Dhinoj Nagrik Sahakari Bank will function as branches of Akhand Anand Co-operative Bank from the effective date. This move is expected to bring greater stability, customer confidence, and operational efficiency to depositors and borrowers alike.

Confirming the development, Puneet Pancholy, Chief General Manager, RBI, stated, “The amalgamation has been approved in the larger interest of depositors and the cooperative banking ecosystem” 

The merger will allow Dhinoj’s customers access to the wider network, digital banking facilities, and diversified financial products offered by Akhand Anand Co-operative Bank. Headquartered in Surat, Akhand Anand has steadily built a reputation for strong governance and customer-centric operations, making it a natural fit for absorbing the smaller Dhinoj-based bank.

Industry observers believe this move is part of a broader trend where smaller cooperative banks facing operational constraints or compliance challenges are encouraged to merge with stronger entities. The RBI has been proactive in facilitating such voluntary amalgamations to safeguard depositors and avoid disruptions in service.

A senior management representative of Akhand Anand Co-operative Bank expressed confidence in the integration, saying, “We welcome the customers and employees of Dhinoj Nagrik Sahakari Bank into the Akhand Anand family. Our focus will be on ensuring a smooth transition while delivering enhanced banking solutions. This merger marks another step towards strengthening Gujarat’s cooperative banking network.”

The consolidation will not only provide improved financial security for customers of Dhinoj Nagrik Sahakari Bank but also reinforce Akhand Anand’s presence across Gujarat. With effect from June 16, depositors can carry out their banking operations seamlessly under the new arrangement.

This RBI-approved merger is being seen as a positive development that reflects the central bank’s ongoing efforts to modernize and stabilize India’s cooperative banking landscape.