Pune: Rupee Co-operative Bank said that it has been granted another extension by the RBI till August 31, 2019. Since being placed under directions in February 2013, the bank has been granted over a dozen extensions — meaning it can continue to do business in a restricted way.

The biggest impact has been on the bank’s half-a-million depositors who have not been able to access their own deposits, apart from exceptional circumstances. The bank said that it paid a total of Rs332 crore (25% of the total deposits) to 83,777 depositors of the bank under RBI’s hardship schemes.

The board of administrators said that they are “positive,” about the merger proposal given by it to the Mumbai-based Maharashtra State Co-operative Bank. The present board of administrators led by chairman Sudhir Pandit is the longest-serving team, while the bank has had three administrators so far, including Pandit.

Published On : 31-05-2019

Source : Times of India