No respite for Madgaum Urban Co-op Bank

Reserve Bank of India has extended the Directive issued to the Madgaum Urban Co-operative Bank Ltd., Margao, Goa for a further period of three months from December 03, 2020 to March 02, 2021.

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 July 27, 2020 up to December 02, 2020.

All other terms and conditions of the Directive under reference shall remain unchanged.

knowledge that talathis being at the lower rung in the revenue structure in Goa are allegedly prone to malafide practices since being conversant with the intricacies of law. The circular from the Finance Ministry, New Delhi, to Chief Secretary of Goa clearly mandates that the District Magistrates to be involved in the recovery of dues from the defaulters and obviously not the talathis,” the strongly worded release stated.

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