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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.

Madgaum urban cooperative bankRegistrar of cooperative societies at goaCredit guarantee corporationReserve bankGoa based madgaum urban cooperative bankCooperative societiesDeposit insuranceGuarantee corporationBanking regulation actகடன் உத்தரவாதம் நிறுவனம்இருப்பு வங்கிகூட்டுறவு சமூகங்கள்வைப்பு காப்பீடுஉத்தரவாதம் நிறுவனம்வங்கி ஒழுங்குமுறை நாடகம்