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Wednesday, Aug 21, 2019

Rupee Bank urges Maharashtra govt to complete merger before assembly elections

Rupee Bank had submitted the merger proposal to Maharashtra state co-operative bank, Mumbai (MSC bank) in November 2018.

pune Updated: Jul 30, 2019 18:14 IST
HT Correspondent
HT Correspondent
Hindustan Times, Pune
Shrirang Parsapatki, chief, Rupee Bank Depositors Forum (RBDM) at PUWJ in Pune, India, on Monday, July 29, 2019.
Shrirang Parsapatki, chief, Rupee Bank Depositors Forum (RBDM) at PUWJ in Pune, India, on Monday, July 29, 2019. (Rahul Raut/ HT)
         

Rupee co-operative bank, Pune, has requested the state government to complete the process of merger of the bank with the Maharashtra state co-operative bank before the state assembly elections.

The assembly elections are likely to take place in October.

Rupee Bank had submitted the merger proposal to Maharashtra state co-operative bank, Mumbai (MSC bank) in November 2018. While Maharashtra state co-operative bank is considering the proposal, the Rupee co-operative bank is hoping for a positive response.

Addressing a press conference Shrirang Parsapatki, chief, Rupee Bank Depositors Forum (RBDM) said, “The predicaments of the banks have been in existence since the past six years and multiple attempts of reviving it has failed. Ergo, we approached the chief minister Devendra Fadnavis with a merger request with the MSC bank and he was very forthcoming to the idea.”

He added, “While the government is willing to orchestrate the merger, we request them to finish the process of it before the state assembly elections.”

Bhalchandra Kulkarni, another member of the RBDM said, “It is clear that government is positive in its approach. It has also helped us in the process of communication with the Reserve Bank of India (RBI). It is our request to the government to expedite the process.”

Parsapatki said, “It won’t be too long before the depositors lose their patience owing to the losses incurred. During the merger, we demand that no depositor should incur any financial losses and we get all the money back.”

First Published: Jul 30, 2019 18:13 IST

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