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Kamat questions timing of cancellation of banking license of Mapusa Urban Co-op Bank

Margao: Former Chief Minister of Goa and current Leader of Opposition (LOO) Digambar Kamat has questioned the timing of the cancellation of the banking license of Mapusa Urban Co-Op Bank by the Reserve Bank of India (RBI).

Congress leader Kamat, took to Twitter to share his views on the recent development, saying, “The timing to withdraw banking licence of Mapuca Urban Co-opt Bank is not appropriate. I demand Goa CM must immediately consult the financial experts to work out a plan to protect each & every depositor & employee of the bank. Hard earned money of each person needs to be protected.”

The Reserve Bank of India (RBI) has, vide order dated April 16, 2020 cancelled the licence of The Mapusa Urban Co-operative Bank of Goa Ltd., Goa, to carry on banking business, with effect from the close of business on April 16, 2020. 

The Central Registrar of Co-operative Societies, Government of India has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

Savio Rodrigues

Savio Rodrigues Founder & Editor-in-Chief

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