The Reserve Bank of India (RBI), vide order No.DOR.MON.LC-04/12.22.218/2022-23 dated August 08, 2022, had cancelled the banking licence of Rupee Co-operative Bank Ltd, Pune on August 10, 2022. However, the Hon’ble High Court of Bombay in the case of Rupee Co-operative Bank Ltd v. The Union of India and Others, REED 2022 Bom 09007, had suspended the cancellation order dated August 8, 2022, till the conclusion of the appeal filed by Rupee Cooperative Bank Ltd before the Appellate Authority. Subsequently, the Hon’ble Supreme Court of India in the case of Reserve Bank of India v. Rupee Co-operative Bank Ltd. and Others, REED 2022 SC 09006, had directed that the order of stay which was granted by the Hon’ble High Court of Bombay in Writ Petition No. 11300 of 2022 (Rupee Co-operative Bank Ltd vs. The Union of India and Ors., REED 2022 Bom 09007) shall stand restricted to the period up to and inclusive of October 31, 2022.
It was also notified that the Appellate Authority, vide order dated October 31, 2022, has dismissed the appeal filed by the Rupee Cooperative Bank Ltd. against the cancellation order dated August 8, 2022. Consequently, RCS, Maharashtra, in the exercise of the power conferred under the Maharashtra Co-operative Societies Act, 1960, has appointed the liquidator, vide order dated October 31, 2022, for winding up of affairs of Rupee Co-operative Bank Ltd, Pune.
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