Dashing hopes of many, the RBI has disallowed the merger of the Rupee Cooperative Bank with the Maharashtra State Cooperative Bank (MSCB). RBI's refusal will complicate things further for the UCB
"The Bank has taken steps like attachment of properties of defaulter borrowers, public auctions of the same, filing criminal suits against defaulter borrowers/guarantors, etc. The Bank has also informed the names of its defaulter borrowers/guarantors to other banks for effective recovery," said Sudhir Pandit, administrator, Rupee Bank.
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