Reserve Bank of India – Press Releases

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The Reserve Bank of India, vide directive UBD.CO.BSD-I/D-28/12.22.2018/2012-13 dated February 21, 2013, had positioned the Rupee Co-operative Bank Ltd., Pune, Maharashtra underneath Directions from the shut of business on February 22, 2013. The validity of the instructions was prolonged occasionally, the final being as much as September 22, 2022.

2. It is hereby notified for the knowledge of the general public that, the Reserve Bank of India, in train of powers vested in it underneath sub part (1) of Section 35 A learn with Section 56 of the Banking Regulation Act, 1949, hereby directs that the aforesaid Directions shall proceed to use to the financial institution until October 22, 2022 as per the directive DOR.MON/D-33/12.22.218/2022-23 dated September 22, 2022, topic to overview.

3. All different phrases and situations of the Directives underneath reference shall stay unchanged. A duplicate of the directive dated September 22, 2022 notifying the above extension is displayed on the financial institution’s premises for the perusal of public.

4. It is pertinent to notice that the Reserve Bank of India, vide order No.DOR.MON.LC-04/12.22.218/2022-23 dated August 08, 2022, has cancelled the banking licence of Rupee Co-operative Bank Ltd, Pune on August 10, 2022. However, the Hon’ble High Court of Bombay in Writ Petition No. 11300 of 2022 (Rupee Co-operative Bank Ltd vs. The Union of India and Ors.) vide order dated September 22, 2022, has suspended the cancellation order dated August 8, 2022 until the conclusion of the enchantment filed by Rupee Co-operative Bank Ltd earlier than the Appellate Authority.

(Yogesh Dayal)    
Chief General Manger

Press Release: 2022-2023/926

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