RBI Appoints Liquidator for Winding up Affairs of ‘Rupee Co-operative Bank Limited’

New Delhi: Reserve Bank of India (RBI) announced that it has appointed a liquidator for winding up the affairs of Pune-based ‘Rupee Co-operative Bank Limited’.

This appointment was done after the appellate authority dismissed an appeal filed by the Rupee Co-operative bank against the cancelation order, the RBI said.

The bank, however, has approached the Bombay High Court which stayed the order until the conclusion of the appeal before the Appellate Authority. With the concerned Appellate Authority dismissing the bank’s plea on 31st of last month, the Registrar of Cooperative Societies, Maharashtra, in exercise of power conferred under the Maharashtra Co-operative Societies Act, 1960, has appointed the liquidator.

RBI canceled the banking license of ‘Rupee Co-operative Bank’ on 10th August, this year.