On May 19th Indian Cooperative front paged the piece “Rupee Bank: Will it fall on Abhyankar’s shoulders finally?” and come 28th May and Mr Mukund Abhayaknar has taken over as Chairman of the three man Administrative Board.
The other two are Pune based Janata Sahkari Bank Chairman Mr Arvind Khaledkar and Mr Sudhir Pandit- a chartered accountant. Readers would recall that lakhs of depositors sank into despair once the news of Corporation Bank refusing to take over the assets and liabilities of Rupee Co-operative bank came up last month.
Earlier Sanjay Bhonsale who is Joint Registrar in the Maharashtra State govt was acting as its Administrator. It was his additional charge and as such he was not able to focus on the issues needed to rescue the ailing UCB.
Mr Abhyankar has asked for OTS (One-Time-Settlement) sooner than later as a pre-condition. “We had a very fruitful discussion with RBI Deputy Governor Mr Gandhi and the regulator is favourably disposed towards our request”, said Abhyankar to Indian Cooperative. We expect the permission to come in a week’s time, he added.
Borrowers are also coming forward and some of them have agreed on principal amount plus a reasonable interest, Abhyankar said explaining his next move. Meanwhile, the RBI has extended the deadline from May 21st to August 21st.
Practically, we have close to one and a half month to do our job but with OTS in our hand we are confident of passing through the test, remarked Abhyankar who has the dual charge of the NAFCUB Presidentship on his shoulders.