RBI cancels licence of Madgaum Urban Co-operative Bank1 min read . Updated: 29 Jul 2021, 06:02 PM IST
The RBI said as per the data submitted by The Madgaum Urban Co-operative Bank, Margao, Goa about 99% of the depositors will receive full amounts of their deposits from the DICGC
MUMBAI : The Reserve Bank of India (RBI) on Thursday said it has cancelled the licence of The Madgaum Urban Co-operative Bank Limite, Margao, Goa as the bank with its current financial position was not in a position to pay its present depositors in full.
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