Rupee Cooperative Bank seeks partial merger with TJSB

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Published: January 26, 2019 12:41:51 AM

The cooperative commissioner held a meeting on January 16 in Mumbai with Sunil Sathe, CEO of TJSB; Sudhir Pandit, chairman of the board of administrators of Rupee Cooperative Bank; and the registrar of cooperatives where Soni gave an assurance to send a letter to the RBI.

Pandit said the current proposal would allow for partial takeover of the assets and liabilities of the Rupee Bank by the TJSB.

The Rupee Cooperative Bank is looking at partial merger of its assets and liabilities with the Thane Janata Sahakari Bank (TJSB). A proposal in this regard has been sent to the RBI by Satish Soni, the cooperative commissioner of the state.

The cooperative commissioner held a meeting on January 16 in Mumbai with Sunil Sathe, CEO of TJSB; Sudhir Pandit, chairman of the board of administrators of Rupee Cooperative Bank; and the registrar of cooperatives where Soni gave an assurance to send a letter to the RBI.

The Pune-based Rupee Cooperative Bank has been under special directions of the RBI since 2013. The RBI had suspended the then board of directors of the bank and put it under directions, which put sanctions on the functioning of the bank. Pandit said the current proposal would allow for partial takeover of the assets and liabilities of the Rupee Bank by the TJSB.

“Such partial merger has been allowed between cooperative banks and public sector banks, but has not been allowed between cooperative banks so far,” he said.

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