Pune: Rupee Cooperative Bank gets another extension from RBI

  • | Sunday | 26th February, 2017

(Source: Express photo)The Reserve Bank of India (RBI) has decided to extend its existing directions about the Rupee Cooperative Bank by six more months. Watch What Else Is Making News:Due to mounting bad debts, the RBI had put stringent restrictions on the Rupee Cooperative Bank in February 2013 which included limits on withdrawal and other financial operations. The bank has set a recovery target of Rs 130 crore for 2016-17. (Source: Express photo) The bank has set a recovery target of Rs 130 crore for 2016-17. “The bank made appeal to other co-operative banks, staff, their unions, ex-customers and well wishers and raised the required funds,” the press statement said.

The bank has set a recovery target of Rs 130 crore for 2016-17. (Source: Express photo) The bank has set a recovery target of Rs 130 crore for 2016-17. (Source: Express photo) The Reserve Bank of India (RBI) has decided to extend its existing directions about the Rupee Cooperative Bank by six more months. A press release issued by the board of administrators of the bank said they have set a recovery target of Rs 130 crore for the financial year 2016-17 along with a profit of Rs 15 crore. Watch What Else Is Making News: Due to mounting bad debts, the RBI had put stringent restrictions on the Rupee Cooperative Bank in February 2013 which included limits on withdrawal and other financial operations. For the last few years, the board of administrators’ attempt to merge the bank with other banks has failed. The press release stated that the bank has managed to effect total recovery to the tune of Rs 105 crore by the end of December 2016 and register a profit of Rs 10 crore. Core banking solution (CBS) has already started in the bank. “The bank made appeal to other co-operative banks, staff, their unions, ex-customers and well wishers and raised the required funds,” the press statement said.

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