Crisis in Mapusa Urban Co-op Bank

The Board of Directors of Mapusa Urban Co-operative Bank of Goa Ltd (MUCB) unanimously tendered their resignation at a meeting held at the main branch on Tuesday, reports a newslet. The resignation copies will be sent to the Central Registrar, Goa Registrar, Government and Reserve Bank of India (RBI) on Wednesday.

It is pertinent to note that in July 2015, the Reserve Bank of India (RBI) had imposed an embargo on them. Now in a fresh embargo, RBI has restricted withdrawals to customers to a limit of up to Rs 1,000.

It is alleged that the board of directors tendered their resignation due to the recent the MUCB fiasco.

After the meeting, bank chairman Gurudas Natekar informed that the Board of Directors had unanimously tendered their resignation on Tuesday.