1. Maharashtra to approach PSBs for Rupee Co-op Bank merger

Maharashtra to approach PSBs for Rupee Co-op Bank merger

The Maharashtra government is considering approaching nationalised banks for a possible merger with Rupee Cooperative Bank, Subhash Deshmukh, state minister for cooperation, marketing and textiles, said on Wednesday.

By: | Pune | Published: August 25, 2016 6:16 AM

The Maharashtra government is considering approaching nationalised banks for a possible merger with Rupee Cooperative Bank, Subhash Deshmukh, state minister for cooperation, marketing and textiles, said on Wednesday.

The minister who was in Pune held a review meet with the board of administrators of the bank said that the government will try to merge the bank with a nationalised bank since no cooperative bank is in a position to absorb the losses which are around `1400 crore. To my knowledge, no nationalised bank has been approached yet, the minister said.

It may be recalled here that Corporation Bank had categorically stated that it did not pursue a proposal to buy Rupee Co-operative Bank though it had received the proposal from the Pune-based cooperative lender sometime last year.Based on the observations in the detailed audit cum due diligence conducted by a reputed audit firm, the Bank decided not to evince interest in the said proposal, it said.

  1. No Comments.

Go to Top