Free Press Journal reports Maharashtra State Cooperative Bank (MSC Bank) will do retail banking with a view to exploring new possibilities for business. MSC Bank will opt for a merger of City Cooperative and Rupee Cooperative banks with MSC bank to that end.
Both banks had been sick due to financial mismanagement. MSC Bank Chairman Anaskar said his bank has sent two separate merger proposals to RBI and the whole process will need Rs 1,3000 crore.
It is worth mentioning that Pune-based Rupee has five lakh depositors while Mumbai-based City Bank has over 80,000 depositors.