New Delhi, July 1 -- Saraswat Co-operative Bank Ltd (SCBL) on Tuesday said it will acquire the beleaguered New India Co-operative Bank Ltd (NICBL), in a relief to depositors who were unable to fully access their funds after the central bank imposed restrictions following a Rs.122-crore scam.

The Reserve Bank of India has given its in-principle approval after Saraswat Bank approached the central bank with its proposal for amalgamation, and a final nod will depend on the shareholders of both the banks. Following the merger, Saraswat Bank will take over all assets and liabilities of New India Co-operative Bank, and the interests of depositors will be fully protected, its chairman Gautam E. Thakur said at a press conference in Mumbai.

The m...