Cheni, April 1: The Reserve Bank of India (RBI) on Wednesday announced its sanction to the scheme of amalgamation of ING Vysya Bank Ltd with the Kotak Mahindra Bank Ltd. In a statement, the RBI said the scheme has been sanctioned in exercise of the powers contained in Sub-section (4) of Section 44A of the Banking Regulation Act, 1949. The Scheme will come into force with effect from April 1, 2015.
All the branches of ING Vysya Bank Ltd will function as branches of Kotak Mahindra Bank Ltd. with effect from April 1, 2015. The share exchange ratio was fixed at 725 equity shares of Kotak Mahindra Bank for every 1,000 equity shares of ING Vysya Bank. In February, the Competition Commission of India cleared the amalgamation of ING Vysya Bank with Kotak Mahindra Bank. (IANS)