Financial Daily from THE HINDU group of publications
Saturday, Feb 16, 2002
Financial Daily from THE HINDU group of publications Saturday, Feb 16, 2002 |
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Money & Banking
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Co-operatives RBI assurance to Rupee bank depositors Our Bureau
MUMBAI, Feb. 15 THE Reserve Bank of India has assured the depositors of the Rupee Co-operative Bank that their deposits up to Rs 1 lakh are fully insured under the insurance cover of the Deposit Insurance and Credit Guarantee Corporation. Recently RBI directed the Registrar of Co-operatives to take action against Rupee Co-operative Bank, citing financial irregularities in its dealings, following which action was taken against its board of directors. The apex bank has said in a press release that it supports the steps taken by the Registrar of Co-operatives to ensure the efficient functioning of the bank in the interest of its depositors and members. The liquidity position of the bank continued to be comfortable and its overall financial health was not a cause of concern for depositors, the release said. RBI was in close touch with the administrator and was fully supportive of the new management in ensuring full safety of depositors' funds, sufficient liquidity and financial viability of the bank, the release said.
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