MADGAUM URBAN CO-OPERATIVE BANK LICENSE CANCELLED

• The Reserve Bank of India (RBI) has cancelled the license of Madgaum Urban Co-operative Bank Limited, Margao, Goa.
• The license was cancelled because the bank’s financial position was not able to pay its present depositors.
• The Madgaum Urban Co-operative Bank Limited does not have adequate capital and earning prospects.
• The bank was not in compliance with the provisions of section 11(1) and section 22 (3) (d) read with section 56 of the Banking Regulation Act, 1949.

The bank was not in compliance with the requirements of sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) read with section 56 of the Banking Regulation Act, 1949.