Rupee Cooperative Bank gets extension till November 30

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Pune | Published: September 1, 2018 12:31:15 AM

The Rupee Cooperative Bank has been granted further extension till November 30, 2018 by the Reserve Bank of India (RBI).

Rupee Cooperative Bank gets extension till November 30 (Photo: Express photo/File)

The Rupee Cooperative Bank has been granted further extension till November 30, 2018 by the Reserve Bank of India (RBI).

Despite the improvement in the working of the bank, due to increasing level of non-performing assets and distressed condition in banking industry, the efforts for solution through merger with other bank could not succeed, a note issued by the bank stated. “The BoA does not expect any such proposal in near future. However, due to overall improvement in the functioning of the bank, the Board of Administrators) BoA considers revival of the bank as a viable option for protecting the interest of depositors,” C A Sudhir Pandit, chairman, Board of Administrators of the bank said.

Accordingly, the BoA has submitted a proposal for revival to the RBI and the state government, he said, adding that the BoA has also decided to take suggestions from experts in this regard. The state government has taken steps for speedy disposal of the appeals filed by the delinquent directors and executives against whom accountability has been fixed, he said.

According to Pandit, the revival of the bank, though challenging, is certainly possible. However, the BoA expects that the depositors as well as the employees and wellwishers of the bank need to exercise restraint, have positive approach and also extend their cooperation in this regard, he suggested.

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