The Madgaum Urban Co-operative Bank Ltd., Margao, Goa was placed under Directions vide Directive dated April 26, 2019 from the close of business on May 02, 2019 for a period of six months. The validity of the above Directions was extended from time to time, the last being vide Directive dated December 01, 2020 up to March 02, 2021.
2. It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive dated April 26, 2019, issued to The Madgaum Urban Co-operative Bank Ltd., Margao, Goa as modified from time to time, the validity of which was last extended up to March 02, 2021, shall continue to apply to the bank for a further period of three months from March 03, 2021 to June 02, 2021, as per the Directive dated March 02, 2021, subject to review.
3. All other terms and conditions of the Directive under reference shall remain unchanged.
4. A copy of the Directive dated March 02, 2021 notifying the above extension is displayed at the bank’s premises for the perusal of public.
Chief General Manager