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Extension of Banking Licence: Rupee Co-op Bank

Rupee Co-operative Bank has been granted an extension of its banking license for another three months up to August 31, 2021, by the Reserve Bank of India (RBI).

As per the bank statement, the following highlighted till March 2021:

  1. The bank made a total recovery of Rs 263.93 crore
  2. An aggregate operating profit of Rs 70.70 crore during the last five years.
  3. The bank has been earning profit consecutively for the last five years. 
  4. The bank has paid Rs 366.54 crore to 92602 depositors under the Hardship Scheme.
  5. There were no adverse remarks, either in the statutory audit or RBI annual inspection

Proposal for the merger of Rupee Co-operative Bank with Maharashtra State Co-Op Bank (MSC Bank) is pending with RBI.

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