RBI announces liquidator appointed for winding up affairs of Rupee Co-operative Bank Limited

Mumbai: Reserve Bank of India (RBI) has announced that a liquidator has been appointed for winding up the affairs of Pune based Rupee Co-operative Bank Limited. RBI had cancelled the banking licence of Rupee Co-operative Bank on 10th August, this year.

The bank, however, approached the Bombay High Court which stayed the order until the



conclusion of 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.