United Western to be part of IDBI from Tuesday

MUMBAI: The Reserve Bank of India has sanctioned United Western Bank Ltd's merger with IDBI. All UWB branches will function as IDBI branches from October 3.

The proposal to amalgamate UWB with IDBI Bank has found support among the UWB officers who have asked the bank's board of directors to cooperate with the Reserve Bank's plan.

The United Western Bank Ltd Officers Organisation has asked its board to agree to the RBI's draft scheme, which envisages amalgamation of UWB with IDBI.

The organisation appealed to the RBI to withdraw the restrictions imposed on UWB as a result of the moratorium on the bank in effect from September 2, as it was causing great inconvenience to around 20 lakh customers, depositors and employees of the bank, particularly during the festival season.

Particularly affected, according to the organisation, were smaller depositors and other customers, including employees who have not been able to avail of the bank's services.