| Date: |
31-08-2021 |
| Subject: |
Rupee Bank licence extended till Nov-end |
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Pune: The Reserve Bank of India (RBI) has extended the validity of the all-inclusive directions (AID) licence under which the stressed Rupee Cooperative Bank operates through to the end of November, but the bank’s administrators said they still wanted a definitive solution for its future.
As on the end of the 2020-21 fiscal, the bank has been making a profit for five years, but still has an accumulated loss at around Rs 627 crore. The RBI had recently denied Rupee Bank permission to merge with Maharashtra State Cooperative Bank. “We have written to RBI seeking three options for the future of the bank. These options include the bank’s merger with a large bank, the bank to be converted into a small finance bank, among others. Our proposals ready,” Rupee Bank administrator Sudhir Pandit told TOI.
Source:thetimesofindia.com
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