Rupee Cooperative Bank recovers Rs 17 cr by Sept-end

ST Correspondent
Thursday, 4 October 2018

“The bank is taking measures to display the list of willful defaulters and is coordinating with legal agencies to attach property of such defaulters. Around 147 defaulters have 243 properties worth Rs 104 crore. We are also in communication with our investors to inform them of the latest developments,” the press release stated.

Pune: Administrative Board Chairman of Rupee Cooperative Bank CA Sudhir Pandit on Wednesday said the Rupee Cooperative Bank is taking steps to improve its financial condition.

The Reserve Bank Of India has given an extension to the Rupee Cooperative Bank till November this year to improve its financial condition. The bank was put under directions by the RBI over its deteriorating financial conditions in February 2013.
 
In a press release, Pandit stated that the revival efforts taken by the bank are helping it to improve its condition. This financial year the bank is expecting an operating profit of Rs 5.5 crore. Till September-end the bank recovered Rs 17 crore and made an operational profit of Rs 1.7 crore. The bank has also reduced its administrative expenditure and brought down the staff strength from 900 to 332. 

“The bank is taking measures to display the list of willful defaulters and is coordinating with legal agencies to attach property of such defaulters. Around 147 defaulters have 243 properties worth Rs 104 crore. We are also in communication with our investors to inform them of the latest developments,” the press release stated.

The release also stated that the current economical situation is making it difficult for merger options and the proposal of TJSB bank sent to RBI is being reviewed by the RBI and Rupee Cooperative Bank has submitted its say on the merger to the RBI. The Rupee Cooperative Bank is in contact with the State government, RBI and other bodies for the benefit of investors.
 
The press release stated that the administrative board has  always welcomed strong suggestions on development of Rupee Bank.

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