Business Standard reports after Bombay High Court ruling in favour of stay on cancellation of banking license, Pune-based Rupee Cooperative Bank’s administrator is contemplating merging it with another sound urban co-operative bank (UCB).
The Rupee Bank’s administrator reiterated that the bank was pursuing a proposal to merge with Cosmos Co-operative Bank and also talking to some private investors.
On August 8, the Reserve Bank of India (RBI) had ordered cancellation of the banking licence of the ailing UCB from September 22. The high court will hear the matter on October 17.
Earlier, the Saraswat Bank was on the verge of taking over the ailing Rupee Bank but the terms and conditions offered to the former in the last leg of negotiations, was not suited to the growth of the largest UCB in the country.
