While making a plea to RBI to consider the proposal, Pandit said Rupee Bank will ensure that merger does not become a burden for Cosmos Bank
Following a stay on cancellation of banking licence by Bombay High Court, Pune-based Rupee Cooperative Bank’s administrator will explore various options. These include conversion into a small finance bank (SFB), or merger with another sound urban co-operative bank (UCB).
On August 8, the Reserve Bank of India (RBI) had ordered cancellation of the banking licence of the ailing UCB from September 22. The high court will take up the matter on October 17.
Sudhir Pandit, administrator, Rupee Bank, told Business Standard that the bank was pursuing a proposal to merge with Cosmos Co-operative Bank and also speaking to some private
First Published: Sep 23 2022 | 9:30 PM IST