The Mapusa Urban Co-operative Bank of Goa Ltd, Goa

RBI cancelled the licence of The Mapusa Urban Co-operative Bank of Goa Ltd., Goa, with effect from the close of business on April 16, 2020. The bank was also barred from conducting banking business immediately.

The bank cannot continue banking operations and must cease accepting or repaying deposits as a banking business. Liquidation proceedings will follow, and depositors will be paid through the DICGC mechanism subject to the statutory ceiling of up to ₹5,00,000 per depositor.

• section 11 (1)
• section 22 (3) (d) read with section 56 of the Banking Regulation Act, 1949
• section 22(3) (a)

+5 more in the case brief

RBI extended its existing Section 35A directions on Mapusa Urban Co-Operative Bank of Goa Ltd. for two more months. The earlier restrictions remain in force unchanged.

The bank remains subject to the same RBI-imposed operating restrictions through April 18, 2020, unless further modified or withdrawn on review. This affects the bank’s operations and indirectly its customers and counterparties by keeping the existing constraints in place.

• Section 35 A read with Section 56 of the Banking Regulation Act, 1949
• sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949

RBI extended the existing Section 35A directions on Mapusa Urban Co-Operative Bank of Goa Ltd. for three more months. The earlier restrictions continue unchanged.

The bank remains subject to the same RBI-imposed operational restrictions for the extended period, now running from November 19, 2019 to February 18, 2020. Customers and counterparties continue to face the consequences of the standing directions until the next review or further order.

• Section 35A of the Banking Regulation Act, 1949
• Section 56 of the Banking Regulation Act, 1949

RBI extended its existing directions against The Mapusa Urban Co-operative Bank of Goa Ltd. for three more months. The directive continues unchanged from August 19, 2019 to November 18, 2019, subject to review.

The bank remains subject to the same RBI-imposed operating restrictions for the extended period. Its management must continue complying with the directive until November 18, 2019, unless RBI reviews or changes it earlier; the release does not describe any new restrictions beyond the existing order.

• Section 35A read with Section 56 of the Banking Regulation Act, 1949
• sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949

RBI modified and continued its existing directions on The Mapusa Urban Co-operative Bank of Goa Ltd. The bank may now set off certain loans against deposits only under specified safeguards.

The bank remains under RBI directions, so its operations continue to be constrained by the existing order, with only a limited additional ability to adjust eligible deposits against loan accounts. Customers whose accounts meet the stated conditions may be affected by set-off actions, while third-party depositors and accounts subject to legal or statutory restrictions are protected from such adjustment.

• Section 35A read with Section 56 of the Banking Regulation Act, 1949

RBI extended the existing Section 35A directions on The Mapusa Urban Co-operative Bank of Goa Ltd for another six months. The order also relaxed the depositor withdrawal limit to ₹50,000 per account.

The bank must continue operating under RBI-imposed withdrawal restrictions through August 18, 2019 unless further revised. Depositors can withdraw only up to ₹50,000 per eligible account, subject to any dues owed to the bank, and the bank must ring-fence funds for depositor payouts in escrow or earmarked securities.

• Section 35A read with Section 56 of the Banking Regulation Act, 1949
• sub-sections (1) and (2) of Section 35A read with Section 56 of the Banking Regulation Act, 1949
• sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949