...........But, Canara Bank denied that the institution was in the process of taking over the beleaguered cooperative bank. A top official of the bank told The Hindu that the claim by the cooperative bank’s board that it plans to “merge” with the public sector bank “is entirely incorrect.” The senior bank official who did not wish to be identified said the cooperative bank, which has an account holder base of over two lakh, “may be in talks with other banks for a bailout.” Explaining that any merger “is a process and not an event,” the official said, “So far, such a process has not been initiated within the bank.” He also said the process would take time because Amanath bank was now under the stewardship of the Reserve Bank of India. “It will take its own course,” he said.............
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