28/5/2018
PUNE: Pune-based
Rupee Co-operative Bank has been asked by the Reserve Bank to continue giving its
services with restrictions for three more months till August this year in view
of its financial position.
The Reserve Bank of India (RBI) had first imposed restrictions
on the bank from February 22, 2013, to August 21, 2013, and extended it on
eight occasions six months each, and four occasions for three months each. The
co-operative bank was given its last extension for six months between November
22, 2017, and May 31, 2018.
"The Reserve Bank has extended directions issued to Rupee
Co-operative Bank Ltd., Pune, Maharashtra, for a further period of three months
from June 1, 2018, to August 31, 2018, subject to review," RBI said in a
release.
However, RBI said that the directions issued for the bank
should not be construed as cancellation of banking licence by the regulator.
"The bank will continue to undertake banking business with restrictions
till its financial position improves. The Reserve Bank may consider
modifications of these directions depending upon circumstances," RBI said
further.
As per Rupee Co-Operative Bank website, the lender has 40
offices/branches, including the headquarter in Pune, across Maharashtra.
0 comments:
Post a Comment