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RBI cancels licence of Goa based Madgaum Urban Co-op Bank


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 Bank , Office Of Registrar Cooperative Societies , Credit Guarantee Corporation , Reserve Bank , Madgaum Urban Co Operative Bank Limited , Cooperative Societies , Banking Regulation , Deposit Insurance , Guarantee Corporation , Rupees Five , அலுவலகம் ஆஃப் பதிவாளர் கூட்டுறவு சமூகங்கள் , கடன் உத்தரவாதம் நிறுவனம் , இருப்பு வங்கி , கூட்டுறவு சமூகங்கள் , வங்கி ஒழுங்குமுறை , வைப்பு காப்பீடு , உத்தரவாதம் நிறுவனம் , ரூபாய் ஐந்து ,