Rupee Co-operative Bank: Rupee Co-operative Bank gets extension from RBI
Till January 2021, the bank has made total recovery of Rs 258.11 crore and aggregate operating profit of Rs 53.19 crore during the last four years. The bank is earning profit consecutively for the last four years, he said.
As on 31st January, the total deposit of the bank is Rs 1,292.84 crore. Total advances are Rs 295.10 crore.
During the year up to January 2021, the bank has made operating profit of Rs 19.93 crore. Till January 2021, the bank had paid Rs 366.54 crore to 92,602 needy depositors under the Hardship Scheme, he said.
Pandit also said that the bank has taken effective steps for recovery in hardcore accounts. It includes attachment of properties of defaulter borrowers, public auctions of the same, filing criminal suits against defaulter borrowers/guarantors, etc.
The bank has also informed the names of its defaulter borrowers/guarantors to other banks for effective recovery.
Initially, a joint merger proposal mutually agreed by Rupee Bank and MSC Bank was submitted on 17.01.2020.
However, the RBI advised MSC Bank or RCS to re-submit the proposal in adherence with RBI Circular on Transfer of Assets and Liabilities and specifying other compliances and conditions.
Accordingly, revised proposal has been submitted through the Co-operative Department on 24 November 2020.
If due to any reason, the Reserve Bank of India could not effect merger of the bank, the bank will file reconstruction or revival proposal with Reserve Bank on getting its principal approval for the same.
Barring negative net-worth, there are no any adverse remarks either in Statutory Audit or RBI annual inspection.
The decision on the appeals filed by the ex-directors and officers against the enquiry held under section 88 is expected shortly.
Since the hearings are over and closed for Judgement, the bank is following up for formal announcement of the judgement, he said.
