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RBI cancels license of Madgaum Urban Cooperative Bank

Madgaon: Reserve Bank of India (RBI) has cancelled the license of Goa-based Madgaum Urban Cooperative Bank, with effect from July 29, 2021.

RBI said the decision was taken as the bank doesn’t have adequate capital and earning prospects, and its would be unable to pay its present depositors in full in its present financial position.

“Reserve Bank of India has vide order dated July 27, 2021 cancelled the license 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,” RBI stated in an order on Thursday.

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