Banking and finance

Rupee Bank administrator seeks its merger with another lender

Rupee Co-operative Financial institution’s administrator Sudhir Pandit mentioned on Saturday that he has requested the RBI authorities to merge the city-headquartered financial institution with one other, stronger lender.

He had a gathering with Reserve Bank deputy governors Rajeshwar Rao and M P Jain on this regard, he mentioned in a press release right here.

“Liquidation is just not the answer. As a substitute, we requested for the merger of the financial institution with one other sturdy financial institution and safety of the curiosity of depositors with deposits of over Rs 5 lakh,” Pandit mentioned.

Union Minister of State for Finance and Banking Bhagwant Karad “coordinated and navigated the assembly”, he mentioned.

He apprised each the deputy governors concerning the efforts taken by the financial institution for “restoration and incomes working revenue”, Pandit added.

“If the financial institution goes into liquidation, then those that have deposits of above Rs 5 lakh, most of them senior residents, could lose nearly sixty-five % of their deposits,” he added.

Dr Karad assured him that he would pursue the matter, the administrator mentioned.

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