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Goa-based Madgaum Urban Cooperative Bank’s License Cancelled by RBI
Moneylife Digital Team
30 July 2021
The Reserve Bank of India (RBI) has cancelled the license of Goa-based Madgaum Urban Cooperative Bank, with effect from 29 July 2021. This bank is latest to add to a long list of badly-run banks whose licenses have been cancelled by the RBI after their poor performance.
The banking regulator said the decision was taken as the Bank does not have adequate capital and earning prospects, and it would be unable to pay its present depositors in full in its present financial position.
“The RBI has, vide order dated 27 July 2021 cancelled the license of The Madgaum Urban Cooperative Bank, Margao, Goa. Consequently, the Bank ceases to carry on banking business, with effect from the close of business on 29 July 2021,” RBI says in a release.
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