The Reserve Bank of India (RBI) has issued the Rupee Cooperative Bank (RCB), Pune, a three-month extension of its banking license until May 31, 2021. According to Sudhir Pandit, chief executive of the board of directors, the bank made a complete recovery of Rs 258.11 crore and an aggregate operating profit of Rs 53.19 crore in the last four years.
The bank's total deposit was Rs 1,292.84 crore as of January 31, 2021. The total sum of advances was Rs 295.10 crore. Officials said the bank made an operating profit of Rs 19.93 crore up to January 31, 2021, and charged Rs 366.54 crore to 92,602 depositors under the Hardship Scheme.
The bank has taken steps such as attachment of properties of defaulter borrowers and public auctions of the same, filing criminal suits against defaulter borrowers/guarantors, etc. for recovery. The bank has also informed the names of its defaulter borrowers/guarantors to other banks for effective recovery, he said. Pandit said the bank has been earning operating profit since the last five years.