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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.

Madgaum urban bankOffice of registrar cooperative societiesCredit guarantee corporationReserve bankMadgaum urban co operative bank limitedCooperative societiesBanking regulationDeposit insuranceGuarantee corporationRupees fiveஅலுவலகம் ஆஃப் பதிவாளர் கூட்டுறவு சமூகங்கள்கடன் உத்தரவாதம் நிறுவனம்இருப்பு வங்கிகூட்டுறவு சமூகங்கள்வங்கி ஒழுங்குமுறைவைப்பு காப்பீடு