Maharashtra Govt to approach PSBs for Rupee Co-op Bank merger

rupee-bank-2The Maharashtra government is mulling to approach nationalised banks for a likely merger with Rupee Cooperative Bank, State Minister for Cooperation, Marketing and Textiles Subhash Deshmukh has revealed.

The government will try to merge the bank with a nationalised bank since no cooperative bank is in a position to absorb the losses ,whichrupees 33 are around Rs.1,400 crore, the minister said in Pune, as he held a review meet with the board of administrators of the Rupee Cooperative Bank.

To my knowledge, no nationalised bank has been approached yet, he added.

The Corporation Bank has categorically stated it did not pursue a proposal to buy Rupee Co-operative Bank though it had received the proposal from the Pune-based cooperative lender sometime last year.

Based on the observations in the detailed audit cum due diligence conducted by a reputed audit firm, the Bank decided not to evince interest in the said proposal, it added.

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