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HomeNationalRupee Bank, Relief to 'Rupee' Depositors; Court suspends RBI order -...

Rupee Bank, Relief to ‘Rupee’ Depositors; Court suspends RBI order – huge relief for rupee co-op bank customers hc suspends rbi order on cancellation of license MIGMG News

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Pune : The Bombay High Court stayed till October 17 the Reserve Bank of India’s (RBI) order to revoke the license of Rupee Co-operative Bank and take it into liquidation. The order has given relief to the depositors and employees of ‘Rupee’ and the administrators have been given four weeks to resolve the issue of merger of the bank.

On August 8, the Reserve Bank had issued an order to cancel the license of Rupi Bank. Accordingly, from Thursday (September 22), rupees were to be withdrawn from the bank. Rupi Bank filed an ‘appeal’ with the Joint Secretary of the Union Ministry for an interim stay on this order. On this, the Joint Secretary rejected the request of the bank for an interim stay of the Reserve Bank’s order and fixed the next hearing on the ‘appeal’ on October 17. Therefore, the bank filed a writ petition in the court to get an interim stay on the order of the RBI.

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Rupi Sangharsh Samiti has also filed a petition in the court against the RBI’s order to revoke the bank’s license. High Court Justice S. K. Shinde’s court stayed the RBI order. In the order, the High Court has mentioned that the decision of the ‘Appeal’ filed before the Joint Secretary of the Ministry of Finance should be taken by October 17, till then the order of the Reserve Bank will be suspended.

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Due to this order of the High Court, the process of winding up the bank will also be suspended for four weeks. This order has given the banks and the administrators some time to continue their efforts for the merger vigorously. It will be beneficial to resolve the bank issue well. Bank administrator Sudhir Pandit expressed his belief that the High Court’s order will boost the image of cooperative banks and this is an important issue for the cooperative sector.

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Meanwhile, the employees of Rupi Bank met Union Finance Minister Nirmala Sitharaman, who is currently on a visit to Pune, on Thursday and gave her a statement to save the bank. ‘Cosmos Cooperative Bank’ has shown its readiness to merge Rupi Bank. The RBI may have doubts about the viability of this merger. However, it was requested in the statement that RBI should be instructed to give similar concessions to ‘Unity Small Finance Bank’ while merging ‘PMC Bank’.


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