News

No takers yet for troubled Rupee Co-op Bank (ET 29.08.06) The troubled Rupee Co-operative Bank, which will complete five years under an administrator in February ’07, has not found any takers. The fate of the bank’’s customers hangs in the balance as the RBI has now made it clear that elections cannot be held till inquiries are completed on its former directors. The RBI missive has put the state government in a bind because a cooperative bank - whose board has been superseded - can be managed by an administrator for a maximum period of five years. The board of directors of Rupee Co-operative Bank was superseded in February ’02, after they were charged of financial irregularities.