The Rupee Cooperative Bank Employees federation had earlier urged finance minister Nirmala Sitharaman to consider the merger of the bank with another private bank in the larger interest of the depositors, reports HT.
The finance ministry will give its decision on the Rupee Co-operative Bank (RCB) employees federation plea on October 31.
Bhalchandra Kulkarni, a member of the depositors’ association is quoted as saying they do not want a liquidation process as the process of merger is on.
It bears recalling that RBI had cancelled the license of RCB in August saying the Pune-based bank had inadequate capital, and failed to comply with regulations.