RBI gives 3-month extension to Rupee Cooperative Bank

The Reserve Bank of India (RBI) has granted a further three-month extension of its banking licence to the Rupee Cooperative Bank (RCB), Pune, till May 31, 2021. Till January 2021, the bank made total recovery of Rs 258.11 crore, and aggregate operating profit of Rs 53.19 crore in the last four years, Sudhir Pandit, chief administrator of the board of directors, said.

As on January 31, 2021, total deposit of the bank stood at Rs 1,292.84 crore. Total advances were at Rs 295.10 crore. Up to January 31, 2021, the bank made an operating profit of Rs 19.93 crore and paid Rs 366.54 crore to 92,602 depositors under the Hardship Scheme, officials said.

The bank has taken steps such as attachment of properties of defaulter borrowers and public auctions of the same, filing criminal suits against defaulter borrowers/guarantors, etc for recovery. The bank has also informed the names of its defaulter borrowers/guarantors to other banks for effective recovery, he said. Pandit said the bank has been earning operating profit since the last five years.