Rupee Coop Bank gets another extension from RBI till Aug 31

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Published: June 4, 2019 12:17:47 AM

Rupee Bank has submitted merger proposal to Maharashtra State Cooperative Bank (MSC Bank).

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Rupee Cooperative Bank has been granted another extension by the Reserve Bank of India ( RBI), till August 31, 2019, for its banking licence.

“The Board of Administrators of Rupee Bank is trying to safeguard the interests of its depositors since last three years. RBI has taken a positive note of these efforts, a note issued by the bank said.

Rupee Bank has submitted merger proposal to Maharashtra State Cooperative Bank (MSC Bank). The proposal is under consideration and BoA is hopeful for the positive response from MSC Bank in this regard, CA Pandit, chairman of the board of administrators said.

Considering the recent developments in political and financial sector and the improving financial condition of RCBL, BoA is hopeful to resolve the long pending issue of its depositors. The statutory audit for the FY 2018-19 was recently completed.

“There are no adverse remarks in the recently concluded statutory audit for the period 2018-19,” he said. The BOA has also requested RBI to carry out annual inspection of the bank at earliest.

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