RBI cancels licence of Goa based Madgaum Urban Co-op Bank
Public interest would be adversely affected if the bank continues: RBI
In an order dated July 27
th, 2021 the Reserve Bank of India has cancelled the licence of The Madgaum Urban Co-operative Bank Limited, Margao, Goa. Consequently, the bank ceases to carry on banking business, with effect from the close of business on July 29, 2021.
The Office of Registrar of Cooperative Societies, Goa has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.
The Reserve Bank cancelled the licence of the bank as the bank does not have adequate capital and earning prospects leading to its inabilities in complying with several provisions of the Banking Regulation Act.
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