The Reserve Bank of India (RBI) says the Maharashtra registrar of cooperative societies (RCS) has appointed a liquidator for winding up affairs of Pune-based Rupee Co-operative Bank Ltd (Rupee Bank). This follows the dismissal of an appeal filed by Rupee Bank before the appellate authority (AA) of the RBI.
Rupee Co-operative Banks administrator Sudhir Pandit said on Saturday that he has requested the RBI authorities to merge the city-headquartered bank with another, stronger lender.He had a meeting with Reserve Bank deputy governors Rajeshwar Rao and M P Jain in this regard, he said in a statement here.Liquidation is not the solution.