The Reserve Bank RBI made the announcement on Tuesday, dashing the hopes of 17 other contenders including Citigroup, Standard Chartered, HDFC and ICICI Bank.
IDBI has been issued with a draft scheme of amalgamation and the central bank has given both IDBI and United Western two weeks to consider the scheme and revert. Feedback is also being sought from members of the public, including the banks' shareholders, depositors and creditors.
Suitors were attracted to United Western for its network of 230 branches. Current RBI regulations restrict branch expansion by a fixed number of...
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