The Reserve Bank of India (RBI) has extended the bank license of the Rupee Cooperative Bank for another three months until August 31, 2021. As of March 2021, the bank has received a total of 263.93 crore rupees and increased transactions. Earned 70.70 crore in the past five years.
The bank has been profitable for five years. By March 2021, the bank had paid 366.54 crore to 92,602 depositors under the hardship plan.
The bank announced in a statement that there were no negative comments in the context of the audit or RBI’s annual review.
Sudhir Pandit, Chairman of the Board of Directors, told the directors of Rupee Cooperative Bank that the proposed merger with Maharashtra Cooperative Bank (MSC Bank) is awaiting RBI.