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Wednesday, Feb 13, 2002

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Rupee Co-op Bank board superseded

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PUNE, Feb. 12

THE board of directors of Rupee Co-operative Bank has been superseded and the Reserve Bank of India (RBI) has appointed an administrator for the management of the bank.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.

Mr B. Yashod, Additional Commissioner of Co-operation, took charge as the new administrator of the bank on Tuesday after the RBI directed the registrar of co-operatives to take action against it under the Maharashtra State Co-operative Societies Act 1960, Sec 110, Sub section 3.

The 90-year-old Rupee Co-operative Bank is the third largest co-operative 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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