HT reports the administrator of the Rupee Co-op Bank CA Sudhir Pandit has called upon the RBI to permit the bank to merge with another strong financial lender.
Pandit suggested the bank should be allowed to merge with a bank with a strong financial background so as to protect depositors with more than Rs five lakh of deposits.
Pandit was not for liquidation of the bank as it would mean senior citizens would lose 65 percent of their deposits. Sources say the prospects of the bank overcoming its crisis are not bleak.