There is partial good news for the depositors of beleaguered Rupee Cooperative Bank based in Pune. The Chairman of govt appointed board Sudhir Pandit has claimed that the UCB has registered a profit of Rs 55 lakh in the last 6 months, reversing the 8-year trend. The recovery has also been on the rise with a figure of Rs 125 cr for the current fiscal.
The tie-up efforts are still going on with several suitors which include PSU banks and others, informed Mr Pandit. Sudhir Pandit, one of the Directors of Janata Sahkari Bank of Pune and an erstwhile member of the Board headed by Mukund Abhaynakar had taken over as the new Chairman of the reconstituted Board of ailing Rupee Bank in April this year.
The other members of the board include Arvind Khaladkar, Vijay Bhave and Sadanand Joshi. Readers would recall Mukund Abhayankar had resigned earlier when the majority of Board members opposed the RBI move to give Rs 20 thousand to depositors. The new board was constituted on April 22.
Rupee bank has about 6.2 lakh depositors. The RBI has placed restrictions on the bank since 2013 owing to its poor financial health. It has losses amounting to a whopping Rs 1400 crore.