Pune-based Rupee Cooperative Bank has been granted a further three-month extension by the Reserve Bank of India ( RBI) till May 30, 2019.
The bank was put under directions by the Reserve Bank of India (RBI) over its deteriorating financial health in February 2013. When under directions, the bank will continue to undertake banking business with restrictions till its financial position improves.
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In a press note issued here, chairman of the bank’s administrative board Sudhir Pandit said a period of three months is inadequate for the troubled lender to resolve its issues. The bank has approached the RBI to seek an increase in extension and also a permanent solution.
Rupee Cooperative Bank has approached some banks for a possible merger and the response has been positive, Pandit said.
Rupee Cooperative Bank is looking at partial merger of its assets and liabilities with Thane Janata Sahakari Bank (TJSB) and the Maharashtra State Cooperative Bank (MSC). A proposal in this regard has been sent to the RBI by Satish Soni, the cooperative commissioner of the state.
