Case Brief
The Reserve Bank of India cancelled the licence of The Mapusa Urban Co-operative Bank of Goa Ltd., Goa, on April 16, 2020. RBI said the bank lacked adequate capital and earning prospects, had failed to comply with multiple provisions of the Banking Regulation Act, 1949, and that its continuation would be prejudicial to depositors and public interest. Following the cancellation, the bank was prohibited from conducting banking business, including acceptance and repayment of deposits, and liquidation proceedings were to begin.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Goa, Goa
- Order Date