Mumbai: Banking regulator Reserve Bank of India (RBI) on Tuesday okayed the merger of troubled United Western Bank (UBI) with Industrial Development Bank of India (IDBI).
Both the banks have been given two weeks time up to September 27 to consider the draft scheme of amalgamation.
The Satara-based troubled UWB was put under moratorium by the RBI on September 2.
Reacting to the RBI's draft scheme, SICOM Chairman R M Premkumar said that its board will meet later this week to decide the future course of action.
He said that SICOM, along with Government of Maharashtra and HDFC Group, had prepared a rehabilitation plan for UWB and it was now for the bank's board to first meet and deliberate upon the scheme proposed by RBI.
"Our board will meet after the UWB board's meet and we will take our decision then," Premkumar said.
The SICOM-GoM-HDFC Group trio had proposed a rehabilitation package to RBI for the revival of UWB and ensure continuation of the independent entity status of the Satara-headquartered bank.
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