Rupee Cooperative Bank gets RBI extension

Rupee Cooperative Bank gets RBI extension

Rupee Cooperative Bank has been granted an hold for its banking licence by the Reserve Bank of India (RBI) for different 3 months, up to February 2022. This is the 27th hold fixed by the RBI to the slope till date.

Rupee has submitted assorted options for solution of the bank, which see an exploratory connection for merger. The RBI has fixed an undertaking successful the Bombay High Court to instrumentality an due determination earlier December 31 with respect to the solution of the bank, Sudhir Pandit, head of the bank, said.

Pandit said investors person approached the slope and a multi-state docket cooperative slope has submitted a preliminary connection for a merger for support to the RBI. The RBI has invoked provisions of Section 18A (7) of the DICGC Amendment Act, 2021, and advised the DICGC to defer the refund of deposits up to Rs 5 lakh for different ninety months, helium said.

The slope has recovered a full Rs 326.49 crore, earned operating nett aggregating to Rs 70.82 crore during the past 5 years and disbursed Rs 376.95 crore to 95,115 depositors nether hardship withdrawal, according to the note.