RBI gives another extension to Rupee Cooperative Bank

Rupee Cooperative Bank of Pune has been approved another extension for its banking licence by the Reserve Bank of India. The extension is valid till November 30, 2019. The board of administrators of Rupee Bank is trying to safeguard the interest of its depositors since last three years. The RBI has taken a positive note of these efforts, a note issued by the bank stated.

The bank has paid Rs 338.20 crore to 85,462 needy depositors under the hardship scheme of the RBI and currently, it has total deposit of Rs 1,291.00 crore, CA Pandit, chairman of the board of administrators, said. The inspection from the Reserve Bank and the statutory audit for 2018-19 has been completed and there has not been any adverse remark in these reports, Pandit said.