Rupee Bank merger resolution meet

Maharashtra Chief Minister Devendra Fadnavis showed interest in solving the issues pertaining to the Pune based Rupee Cooperative Bank by calling all the stake holders for a meet.

The meeting was attended by top officials of co-op department of Maharashtra, Executive Director of RBI, representatives of TJSB Bank (eager to take over) and the Board of Administrators of Rupee Bank appointed by the govt.

Fadnavis urged all to resolve the issue as lakhs of depositors of Rupee Bank is clueless about the fate of their hard-earned savings. In particular, he requested RBI representative to facilitate the merger of the ailing bank with another cooperative bank, TJSB in the present case.

The Bombay High Court had also asked the RBI to respond to various merger proposals received by the Rupee Bank and submitted to RBI in the past. The central bank has been wavering to take a call on the matter and seeking time again and again.

The High Court has asked RBI to come with a concrete reply by June 13-the next date of hearing. According to media reports there are three urban cooperative banks which have shown interest taking over the ailing bank and they are TJSB, Saraswat Co-op Bank and Janseva Sahakari Bank.