Mumbai, August 2025 – In a major development in the co-operative banking sector, New India Co-operative Bank has officially merged with Saraswat Bank, the largest urban co-operative bank in India. The merger, now in effect, is aimed at strengthening banking services and expanding access to modern financial infrastructure.
The merger will have no impact on customers’ deposits, savings, loans, or fixed deposits, according to official statements. All existing balances in customer accounts will remain completely safe and unchanged.
Customers to Benefit from Enhanced Services and Infrastructure
Post-merger, account holders of New India Co-operative Bank can expect upgraded banking facilities, including access to a wider network of branches, improved customer service, and advanced digital banking platforms.
“This strategic merger is a step toward a more robust and technologically empowered banking ecosystem for customers,” said a senior official from Saraswat Bank.
Minor Procedural Changes Ahead for Account Holders
While core banking functions remain unaffected, customers of New India Co-operative Bank may have to undergo certain administrative updates. These include:
- Issuance of new passbooks and cheque books
- Changes in IFSC codes for online transactions
- Updating KYC documents, if required by the new system
Customers are advised to stay in touch with their local branches to ensure a smooth transition and update any changes necessary for uninterrupted banking.
Saraswat Bank Expands Its Reach
With the merger, Saraswat Bank further consolidates its position as a leading player in the co-operative banking sector. The bank already boasts a strong pan-India presence and offers a full suite of retail, corporate, and digital banking solutions.
This integration is part of a broader effort to streamline operations across the co-operative banking space, improve risk management, and enhance customer satisfaction.
Bottom Line
The merger of New India Co-operative Bank with Saraswat Bank marks a positive shift in India’s co-operative banking landscape. While customers may need to complete some paperwork to align with the new system, their deposits remain safe, accounts active, and services expected to improve significantly.