Business & Investment

Rupee Kyodo Bank gets an extension of RBI

Rupee Kyodo Bank gets an extension of RBI

Rupee Cooperative Bank has been granted an extension of bank license by the Reserve Bank of India (RBI) For another 3 months until February 2022. This is the 27th extension that RBI has given to banks so far.

Rupee has submitted various options for the bank’s resolution, including an exploratory proposal for a merger. Bank administrator Sudhir Pandt said the RBI had promised in the Bombay High Court that it would make an appropriate decision by December 31 on the bank’s resolution.

Mr Pandit said investors approached the bank and the co-operative bank on the multistate schedule submitted a preliminary proposal for the merger to the RBI for approval. He said the RBI has invoked the provisions of Section 18A (7) of the 2021 DICGC Amendment Act, advising DICGC to postpone deposit refunds up to Rs 5 for another 90 months.

According to the note, the bank collected a total of 326.49 rupees, earned a total operating profit of 70.82 rupees over the last five years and paid 376.95 rupees to depositors of 95,115 rupees under difficult withdrawal.

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Rupee Kyodo Bank gets an extension of RBI Rupee Kyodo Bank gets an extension of RBI

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