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Much to the relief of over 2 lakh depositors of the Pune-based Shree Suvarna Sahakari Bank (SSSB), their two-and-half-year wait will come to an end on Wednesday as SSSB re-opens as Indian Overseas Bank (IOB).
This comes after last year's permission granted by the Reserve Bank of India to IOB to take over the assets and liabilities of SSSB. The SSSB was placed under moratorium in September 2006 following huge non-performing assets.
Nine branches in Pune, two in Mumbai and one in Sripur in Solapur district will open on Wednesday. "The depositors will be issued a debit card...