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Wednesday, April 14, 2021

Rupee Co-op Bank hopes for early merger or revival

The bank, which is under the banking restrictions since 2013, is yet to get the green signal from the Reserve Bank of India (RBI) for its merger with the Maharashtra State Cooperative Bank (MSC).

By: Express News Service | Pune |
February 28, 2021 1:29:04 am
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The board of administrators of the Rupee Cooperative Bank reported a total recovery and profit of Rs 258.11 crore and Rs 53.19 crore in the past four years.

The bank, which is under the banking restrictions since 2013, is yet to get the green signal from the Reserve Bank of India (RBI) for its merger with the Maharashtra State Cooperative Bank (MSC). The apex bank has, however, granted extension for the Rupee Bank’s licence till May 31, 2021.

As of January 31, 2021, the total deposit of the bank is Rs 1,292.84 crore and the advances are Rs 295.01 crore. “During the year up to January-2021, the bank has made operating profit of Rs 19.93 crore. Till January 2021, the bank had paid Rs 366.54 crore to 92,602 needy depositors under the Hardship Scheme,” a press statement said.

Steps like attachment of properties of defaulter borrowers, public auction of the same and filing criminal suits have been initiated by the bank. “The bank has also informed the names of its defaulter borrowers/guarantors to other banks for effective recovery,” Sudhir Pandit, chairman of the board of administrators, said.

A joint merger proposal was submitted to the RBI in January 2020. “However, the RBI advised MSC Bank/RCS to re-submit the proposal in adherence with the RBI Circular on Transfer of Assets and Liabilities and specifying other compliances and conditions. Accordingly, revised proposal has been submitted through the Co-operative Department on 24.11.2020,” the press statement added. Pandit claimed that barring negative net-worth, there are no any adverse remarks either in the Statutory Audit or in the RBI annual inspection.

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