Mumbai: Pune-based Rupee Co-operative Bank has been asked by the Reserve Bank to continue giving its services with restrictions for three more months till August this year in view of its financial position.
The Reserve Bank of India (RBI) had first imposed restrictions on the bank from 22 February, 2013, to 21 August, 2013, and extended it on eight occasions six months each, and four occasions for three months each.
The co-operative bank was given its last extension for six months between 22 November, 2017, and 31 May, 2018.
"The Reserve Bank has extended directions issued to Rupee Co-operative Bank Ltd., Pune, Maharashtra, for a further period of three months from 1 June, 2018, to 31 August, 2018, subject to review," RBI said in a release on Monday.
However, the RBI said that the directions issued for the bank should not be construed as cancellation of banking licence by the regulator.
"The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these directions depending upon circumstances," RBI said further.
As per Rupee Co-Operative Bank website, the lender has 40 offices/branches, including the headquarter in Pune, across Maharashtra.
Source : https://www.firstpost.com/business/rbi-asks-rupee-co-operative-bank-to-provide-restricted-services-for-three-more-months-till-august-4486245.html