Rupee Co-op Bank reports profit of Rs 19.55 crore

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Published: June 19, 2020 12:31 AM

Administrator Sudhir Pandit said the bank's statutory audit for FY19-20 was completed recently and no adverse remarks were reported.

Till March 2020, the bank paid Rs 355.23 crore to 89,873 depositors under hardship scheme as directed by RBI.Till March 2020, the bank paid Rs 355.23 crore to 89,873 depositors under hardship scheme as directed by RBI.

Rupee Co-operative Bank, currently under all-inclusive directions of the Reserve Bank of India (RBI), has earned an operating profit of Rs 19.55 crore for FY19-20.

Administrator Sudhir Pandit said the bank’s statutory audit for FY19-20 was completed recently and no adverse remarks were reported.

The bank has made a total recovery of Rs 15.40 crore during this period and reported total deposits of Rs 1,289.72 crore and loans of Rs 298.50 crore. The bank has around 5 lakh depositors and 35 branches across Maharashtra. During the last four years when the current administrative board assumed office, the bank has made a total recovery of Rs 258.10 crore. The accumulated losses came down to `645 crore till March 31, 2020, from Rs 665 crore in the corresponding period of the previous year.

The bank has made the operating profit by cutting its staff strength significantly and curtailing its administrative expenses by around Rs 60 crore since 2013. The treasury income of the bank has made sizable contribution towards the profit, Pandit said.

Till March 2020, the bank paid Rs 355.23 crore to 89,873 depositors under hardship scheme as directed by RBI.

A joint proposal for the merger of Rupee Co-op Bank with MSC Bank, mutually agreed upon by both the banks and envisaging ‘no loss’ to the depositors, has already been submitted to RBI.

Pandit said the merger proposal is currently under scrutiny and evaluation of the central bank. “The bank is following up with the Reserve Bank and also the government for expediting the merger. It has requested RBI to undertake an annual financial inspection for FY19-20 at the earliest,” he said.

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