Rupee Co-op Bank granted extension of banking licence

Barring negative net worth, there are not any adverse remarks, either in the statutory audit or RBI annual inspection, a statement issued by the bank said. 

Rupee Co-operative Bank has been granted an extension for its banking license by the Reserve Bank of India (RBI) for another three months up to August 31, 2021. Till March 2021, the bank made total recovery of Rs 263.93 crore and aggregate operating profit of Rs 70.70 crore during the last five years.

The bank is earning profit consecutively for the last five years. Till March-2021, bank had paid Rs 366.54 crore to 92602 depositors under the Hardship Scheme.

Barring negative net worth, there are not any adverse remarks, either in the statutory audit or RBI annual inspection, a statement issued by the bank said.

The proposal for merger with Maharashtra State Co-Op Bank, (MSC Bank) is pending with the RBI, Sudhir Pandit, chairman, board of administrators, Rupee Cooperative Bank, said.