9 other cooperative banks currently under RBI directions like PMC Bank
Apart from PMC Bank, the fate following nine lenders still hangs in balance. The directions date back several years, with depositors' money locked in, mostly without any respite from RBI.
Kapol Cooperative Bank | The Mumbai-based Kapol Cooperative Bank was placed under directions on March 31, 2017. The withdrawal cap was set at Rs 3000 per depositor. The bank continues to remain under directions till January 2020, as curbs were extended several times. Earlier this year, its 2.5 lakh depositors proposed to convert 35 percent of their deposits into the bank’s share capital to revive the lender. However, there has been no change in the restrictions yet.
Rupee Cooperative Bank | The RBI imposed directions on Rupee Cooperative Bank on February 22, 2013. While the bank is still functioning, depositors have not yet been given access to their funds. The bank did release some money for exceptional cases with relaxation from RBI. Attempts are being made to merge the bank with a stronger lender to keep the bank afloat. The bank has been surviving on extensions granted by RBI for its banking licence, which currently stands valid till November 30, 2019.
CKP Cooperative Bank | The 103-year old cooperative bank was put under directions on May 2, 2012. The RBI-appointed board of administrators ran the bank until April 2015, after which a new board was elected. The depositors have converted a part of their money into share capital since 2015. The bank is still under directions after several extensions over the years. The next review date is on September 30, 2019.
The Needs of Life Cooperative Bank | The Mumbai-based bank was placed under directions from October 29, 2018. After an extension, its next review date has been set on October 29, 2019. The bank was in news for several frauds and irregularities, including, naming a peon as a director of the bank.
Youth Development Cooperative Bank | The Kolhapur-based bank was placed under directions on January 5, 2019, for a period of six months. On review, the regulator extended the restrictions by another six months till January 5, 2020. The bank has 14 branches in the city.
Shivam Sahakari Bank | The bank based in Ichalkaranji, Kolhapur, was placed under directions on May 19, 2018. After several extensions, its next review date has been set on October 19, 2019.
The City Cooperative Bank | The Mumbai-based bank was placed under directions on April 17, 2018 and received three extensions. It’s next review date is on October 17, 2019. In all, it has 10 branches in Mumbai. It had deposits worth Rs 440 crore as on March 2019.
Maratha Sahakari Bank | The bank was put under directions on August 31, 2016 and still operating with restrictions. Its next review date is on September 30, 2019.
Karad Janata Sahakari Bank | The bank was placed under directions on November 7, 2017. After several extensions, the bank’s next review date is set on March 2020.
Kapol Cooperative Bank | The Mumbai-based Kapol Cooperative Bank was placed under directions on March 31, 2017. The withdrawal cap was set at Rs 3000 per depositor. The bank continues to remain under directions till January 2020, as curbs were extended several times. Earlier this year, its 2.5 lakh depositors proposed to convert 35 percent of their deposits into the bank’s share capital to revive the lender. However, there has been no change in the restrictions yet.
Rupee Cooperative Bank | The RBI imposed directions on Rupee Cooperative Bank on February 22, 2013. While the bank is still functioning, depositors have not yet been given access to their funds. The bank did release some money for exceptional cases with relaxation from RBI. Attempts are being made to merge the bank with a stronger lender to keep the bank afloat. The bank has been surviving on extensions granted by RBI for its banking licence, which currently stands valid till November 30, 2019.
CKP Cooperative Bank | The 103-year old cooperative bank was put under directions on May 2, 2012. The RBI-appointed board of administrators ran the bank until April 2015, after which a new board was elected. The depositors have converted a part of their money into share capital since 2015. The bank is still under directions after several extensions over the years. The next review date is on September 30, 2019.
The Needs of Life Cooperative Bank | The Mumbai-based bank was placed under directions from October 29, 2018. After an extension, its next review date has been set on October 29, 2019. The bank was in news for several frauds and irregularities, including, naming a peon as a director of the bank.
Youth Development Cooperative Bank | The Kolhapur-based bank was placed under directions on January 5, 2019, for a period of six months. On review, the regulator extended the restrictions by another six months till January 5, 2020. The bank has 14 branches in the city.
Shivam Sahakari Bank | The bank based in Ichalkaranji, Kolhapur, was placed under directions on May 19, 2018. After several extensions, its next review date has been set on October 19, 2019.
The City Cooperative Bank | The Mumbai-based bank was placed under directions on April 17, 2018 and received three extensions. It’s next review date is on October 17, 2019. In all, it has 10 branches in Mumbai. It had deposits worth Rs 440 crore as on March 2019.
Maratha Sahakari Bank | The bank was put under directions on August 31, 2016 and still operating with restrictions. Its next review date is on September 30, 2019.
Karad Janata Sahakari Bank | The bank was placed under directions on November 7, 2017. After several extensions, the bank’s next review date is set on March 2020.
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