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.
Goa-based Madgaum Urban Cooperative Bank’s License Cancelled by RBI
Moneylife Digital Team
30 July 2021
The Reserve Bank of India (RBI) has cancelled the license of Goa-based Madgaum Urban Cooperative Bank, with effect from 29 July 2021. This bank is latest to add to a long list of badly-run banks whose licenses have been cancelled by the RBI after their poor performance.
The banking regulator said the decision was taken as the Bank does not have adequate capital and earning prospects, and it would be unable to pay its present depositors in full in its present financial position.
“The RBI has, vide order dated 27 July 2021 cancelled the license of The Madgaum Urban Cooperative Bank, Margao, Goa. Consequently, the Bank ceases to carry on banking business, with effect from the close of business on 29 July 2021,” RBI says in a release.
Rajya Sabha adjourned till 12 noon amidst uproar by Opposition ANI | Updated: Jul 30, 2021 11:44 IST
New Delhi [India], July 30 (ANI): The Rajya Sabha got adjourned till 12 noon on Friday amidst ruckus by opposition parties on various issues.
While Rajya Sabha speaker M Venkaiah Naidu asked the MPs to maintain decorum in the Parliament, the Opposition continued to protest against issues ranging from Pegasus row to farmers protests.
Meanwhile, Rajya Sabha listed the Deposit Insurance and Credit Guarantee Corporation (A) and the LLP (A) Bills for introduction tomorrow.
Amid the continuous ruckus created by the Opposition over the Pegasus Project issue, both the Lok Sabha and Rajya Sabha have been facing repeated adjournments since the past few days during the ongoing Monsoon Session of Parliament.
Govt to introduce 2 Bills in RS as oppn presses for its demands
By IANS |
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Govt to introduce 2 Bills in RS as oppn presses for its demands. Image Source: IANS News
New July 30 : Finance Minister Nirmala Sitharaman on Friday will introduce two Bills in the Rajya Sabha amendment to Limited Liability Partnership Act, 2008 and Deposit Insurance and Credit Guarantee Corporation Act, 1961. The opposition, however, will continue reinforcing its demands on the Pegasus snooping issue, inflation and farm laws.
The RS Bulletin stated: FM Nirmala Sitharaman to introduce a Bill to amend the Limited Liability Partnership Act, 2008 The Limited Liability Partnership (Amendment) Bill, 2021, and The Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021.
Monsoon Session: Rajya Sabha adjourned for the day aninews.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aninews.in Daily Mail and Mail on Sunday newspapers.