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Current Affairs

RBI Cancels License of Mapusa Co-operative Bank

Current Context: Reserve Bank of India has canceled the license of Goa-based Mapusa Urban Co-operative Bank.
RBI Cancels License of Mapusa Co-operative Bank
  • The central bank has restricted Mapusa Urban Co-operative Bank from carrying out any banking operations and businesses with an effect from 16th April 2020.
  • The Central Registrar of Co-operative Societies, Government of India has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.
  • The cancellation has taken place as being defined under section 5 (b) and section 56 of the Banking Regulation Act 1949.
  • With the cancellation of license and commencement of liquidation proceedings, the process of paying the depositors of The Mapusa Urban Co-operative Bank of Goa Ltd., Goa as per the DICGC Act, 1961 will be set in motion. On liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of ₹ 5,00,000/- from the Deposit Insurance and Credit Guarantee Corporation (DICGC) as per usual terms and conditions.

Question: 

Q.1 RBI has canceled the license of which of the following Urban Co-operative Bank recently?
a. Mehsana Urban Co-Op Bank.
b. Mapusa Urban Coop Bank
c. Rajkot Nagrik Sahakari Bank
d. Surat Peoples Coop Bank
RBI Cancels License of Mapusa Co-operative Bank RBI Cancels License of Mapusa Co-operative Bank Reviewed by Neha Verma on April 18, 2020 Rating: 5

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