MARGAO: The Reserve Bank of India (RBI) has expanded the limitations put on the Madgaum Urban Co-operative Bank Ltd, Margao, for a further period of 2 weeks — in June 3 to August two — according to its most recent directive issued on Wednesday.
The bank has been put under limitations under the Banking Regulation Act, 1949, vide its own directive dated April 26, 2019, by the end of business on May 2, 2019, for a span of six weeks.
The RBI stated that the legitimacy of the directions are extended from time to time, the past being vide directive dated March two for expansion around June 2.
“The directive dated April 26, 2019, will continue to apply to the lender for a further period of 2 weeks in June 3, 2021 on August 2, 2021, according to the directive dated June 2, 2021, subject to critique,” RBI’s main general director Yogesh Dayal said in the media release.
Before this season, chief minister Pramod Sawant had promised a delegation of the lender’s shareholders which the authorities could do”whatever potential” to safeguard the interests of their depositors.
“I’ve told them the authorities will speak with the RBI to find out what is done in that respect,” the ministry had stated.