Saraswat Bank, India’s largest urban cooperative bank, has formally proposed a merger with the troubled New India Cooperative Bank (NICB), aiming to stabilize the latter’s operations and safeguard depositor funds. The move comes after NICB was rocked by a Rs. 122 crore fraud and placed under RBI administration earlier this year. Saraswat Bank Chairman Gautam Thakur assured that all 1.22 lakh depositors of NICB will receive full access to their savings with no loss or haircut. The merger, subject to shareholder and regulatory approvals, is expected to conclude by September 2025.