The administrative board of beleaguered Rupee Bank under the Chairmanship of Sudhir Pandit is doing a good job that has led to the RBI granting it another extension for 6 months. Pandit who earlier worked in the team of Mukund Abhyankar has made the UCB profitable for the first time after the crisis hit it.
Pune based UCB registered a profit of Rs 55 lakh in the last 6 months, reversing the 8-year trend. The recovery has also been on the rise with a figure of Rs 125 cr for the current fiscal. The aim is to make it an attractive brand so that it can be merged with other profit-making banks, said a source close to the new Administrative board appointed by the Maharashtra govt.
The tie-up efforts are going on with several suitors which include PSU banks and others. Sudhir Pandit, one of the Directors of Janata Sahkari Bank of Pune and an erstwhile member of the Board headed by Mukund Abhaynakar had taken over as the new Chairman of the reconstituted Board of ailing Rupee Bank in April last year.
The other members of the board include Arvind Khaladkar, Vijay Bhave and Sadanand Joshi. Readers would recall Mukund Abhayankar had resigned earlier when the majority of Board members opposed the RBI move to give Rs 20 thousand to depositors.
Rupee bank has about 6.2 lakh depositors. The RBI has placed restrictions on the bank since 2013 owing to its poor financial health. It has losses amounting to a whopping Rs 1400 crore. Depositors have not been able to withdraw money except for a meagre sum, unless they could provide proof of their hardship or requirement.
The maximum withdrawable amount has been capped at Rs 1 lakh per depositor. Under the Hardship Scheme, the bank has, so far, allowed its depositors to withdraw a cumulative Rs 225 crore, media reports say.
The board, till December 31, 2016, could recover Rs 105 crore under the liberalized one-time settlement (OTS) scheme from the borrowers. By March 2017, the bank said it expects to recover Rs 130 crore from the borrowers.
It is since 4 years the Rupee bank is not operative. All the depositors are suffering being no fault. All the political parties are engaged in their election campaign and forgot that senior citizens are suffering since 4 years.depositors are keeping watch on their negligence on this issue since 4 years.
Prey GOD only that after the results of the elections the new Government will solve this long lasting problem. Henceforth all the senior citizens will take a lesion that co operative banks are not reliable as history shows that there is a nexus between bank and corrupt politicians leading any bank in to deep trouble. Best of luck to all the board members of the ailing Rupee co operative bank for quick recovery and merging with other capable bank so that at least it will give them satisfaction of a job done well in their lifetime.
And what about the Rupee Co-operative Bank, Panch Pakhdi, Thane? Any progress?