The Reserve Bank of India on Thursday approved the merger of Bank of Rajasthan with ICICI Bank,the country’s largest private sector lender.
The merger will come into effect from Friday.
“All branches of Bank of Rajasthan will function as branches of ICICI Bank with effect from August 13,2010,” RBI said in statement.
In May,both the banks agreed for the amalgamation and after getting the shareholders’ approval moved RBI on June 25 for approval of the scheme of merger.
Post regulatory approvals,this would be the third acquisition by ICICI Bank. It acquired Bank of Madura way back in 2001 and Maharashtra-based Sangli Bank was amalgamated with itself in 2007.