PANJIM: The Reserve Bank of India has further extended the restrictions place on Madgaum Urban Co-operative Bank Ltd by another two months and will last till August 2, 2021, informed RBI Chief General Manager Yogesh Dayal.
It may be recalled that Madgaum Urban Co-operative Bank Ltd was issued directions on April 26, 2019 which came into effect from May 2, 2019 and since then the directions have been regularly extended from time to time.
The last directions were given on March 2, 2021 and were to last till June 2, 2021 but today the new directions have been given which are effective till August 2, 2021.
The Madgaum Urban Co-operative Bank is facing liquidation due to financial mismanagement and some of the share holders have been demanding that services of the staff be terminated as they continue to draw their salaries, which is further draining the bank resources.
