The Reserve Bank of India has extended the banking license of Rupee Co-operative Bank Ltd for further three months, the lender said on Friday.
In a PTI report, Sudhir Pandit, administrator of the Rupee Co-operative Bank said till January 2021, the bank has made total recovery of Rs 258.11 crore and aggregate operating profit of Rs 53.19 crore during the last four years. The bank is earning profit consecutively for the last four years.
The total deposit of the bank till January 31 is Rs 1,292.84 crore. Total advances are Rs 295.10 crore.
During the year up to January 2021, the bank has made operating profit of Rs 19.93 crore. Till January 2021, the bank had paid Rs 366.54 crore to 92,602 needy depositors under the Hardship Scheme, he said.
Pandit also said that the bank has taken effective steps for recovery in hardcore accounts. It includes attachment of properties of defaulter borrowers, public auctions of the same, filing criminal suits against defaulter borrowers/guarantors, etc.
The bank has also informed the names of its defaulter borrowers/guarantors to other banks for effective recovery.