Madgao Urban Bank closed, trying for a merger
मडगांव अर्बन बॅंक बंद : विलिनीकरणाचे यत्न
03 May 2019 07:46 PM
And the bank authorities have decided to merge their bank with a bank in Maharashtra. If not, it will go for liquidation.
According to Managing Director Kishor Amonkar, closure of mining has badly hit the bank since 2012. Their efforts for financial assistance from the government also did not bear any fruits.
To make the situation worse, RBI has now issued a circular, closing all transactions for six months.
No deposits by any customer. And only one withdrawal up to 5000 rupees, only once in six months. But the bank can renew existing term deposits on maturity. And can also salaries of employees, rents, taxes and electricity bills. The bank is allowed to set off loan against deposits with some terms and conditions.
RBI CIRCULAR
No deposits, 5000 withdrawal
Can renew term deposits
Can pay salaries, bills etc
Set off loans against deposits
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