The Shamravo Vitthal Co-operative (SVC) Bank clarified on Sunday that there is no plan of a merger with the Punjab and Maharashtra Co-operative (PMC) Bank, thereby debunking all the rumours suggesting such. A notice by the SVC Bank Ltd stated, "We have come across a rumour on Social Media Platforms about a merger between us and PMC Bank. Earlier, there have been several rumours that the bank will be merged with the fraud-hit PMC Bank, whose current and former officials are being investigated in connection with a 4500 crore financial scandal. The PMC Bank is a multi-state scheduled urban cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh, and Madhya Pradesh. With a network of 137 branches, it ranks among the top 10 cooperative banks in the country.
Source: dna October 20, 2019 08:26 UTC