RBI extends Rupee Co-op Bank licence by 3 months

In a statement issued by the bank, Sudhir Pandit, chairman, board of administrators, said that the bank has till date recovered Rs 258.11 crore and has registered an aggregate profit of Rs 53.19 crore during the last four years.

Rupee Co-op Bank, Pune has been granted an extension for its banking license by the Reserve Bank of India (RB)I for further three months i.e. up to July 31, 2020. In a statement issued by the bank, Sudhir Pandit, chairman, board of administrators, said that the bank has till date recovered Rs 258.11 crore and has registered an aggregate profit of Rs 53.19 crore during the last four years.

The administrator of Rupee Bank said that all efforts were being made to safeguard the interests of its depositors and the depositors are ready to co-operate for any early resolution of the bank.

Pandit said that the bank has taken effective steps for recovery in hardcore accounts, including attachments of properties of defaulters, public auctions of the same, filing criminal suits against defaulter borrowers/guarantors, etc. The bank has also shared the names of its defaulter borrowers/guarantors to other banks for effective recovery, he said.

The joint proposal for merger of Rupee Bank with Maharashtra State Cooperative Bank (MSCB) mutually agreed by both the banks and envisaging ‘no loss’ to the depositors is already submitted to RBI, which is presently under scrutiny and evaluation of RBI, he said. Both the banks are following it up with RBI, he said, adding that the bank is keen to get its statutory audit completed at the earliest.