RBI terms for Sikkim Bank</b></font><br><br> - Views on News from Equitymaster

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RBI terms for Sikkim Bank

May 26, 1999

In the draft of amalgamation of Sikkim Bank with Union Bank of India, the Reserve Bank of India (RBI) has said that the entire paid-up capital and reserves of Sikkim Bank shall be treated as provision for bad and doubtful debts on the day the scheme comes into force, reports the Business Standard. The RBI has also laid down the guidelines for providing the depreciation in other assets of Sikkim Bank and the rights of its members. The Sikkim Bank Ltd Scheme 1999 shall come into force on such date as the central government may specify by notification in the official gazette. All the employees of Sikkim Bank shall be absorbed by the Union Bank at the same remuneration and terms and conditions.

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