According to a report one of the leading banks of the private sector Allahabad Bank has shown interest in acquiring rupee coop bank. The Kolkata based bank wants to expand its network by taking over the urban coop bank.
Bank wants to scale up its network in pune, at present the bank is having six branches there. Since last year rupee bank is having poor financial status and the bad loans of the bank were scaling up. Due the deteriorating condition of bank RBI placed the bank under an administrator. The bank will still continue its business but with certain restrictions, until an improvement is seen in status of the bank.
For the first time in 2009 a merger of private sector bank with cooperative bank was seen when Indian overseas bank acquired assets and liabilities of Suvarna Sahakari bank. Further Bank of Baroda took over Memon coop bank.