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Maharashtra govt sends Rupee Bank-MSCB merger proposal to RBI

Date: 23-01-2020
Subject: Maharashtra govt sends Rupee Bank-MSCB merger proposal to RBI
The Maharashtra government has sent to the RBI a proposal to merge Rupee Bank with the Maharashtra State Cooperative Bank (MSCB), the two cooperative banks said in a joint statement here on January 22.

City-headquartered Rupee Bank was placed under the Reserve Bank's directions, with limits imposed on withdrawals, some years ago following alleged irregularities.

The statement issued by Rupee Bank and MSCB said former chief minister Devendra Fadnavis had asked president of governance board of MSCB, Vidyadhar Anaskar, to submit a report about possible merger. Following an audit report and directions of the Reserve Bank, the boards of MSCB and Rupee Bank jointly submitted a merger proposal to the state government.

The government has sanctioned the proposal and sent it for the approval of the RBI, the statement added.

Source: moneycontrol.com

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