Pune:
The board of directors of Rupee Cooperative Bank has been
superseded and the Reserve Bank of India (RBI) has appointed
an administrator for the management of the bank.
The action against the bank follows the presentation of a report
by the RBI, which has been investigating charges of financial
irregularities by the board of directors.
Additional commissioner
of cooperation B Yashod took charge as the new administrator of
the bank on 12 February after the RBI directed
the registrar of cooperatives to take action against it under the
Maharashtra State Cooperative Societies Act 1960 (section 110,
sub-section 3).
The 90-year-old Rupee Cooperative Bank is the third largest
cooperative sector bank in the state. The bank has an
8.5-lakh-strong customer base and a 44,000-strong shareholder
base.
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