Mahamedha Urban Co-op Bank assures depositors

The Chairman of Mahamedha Urban Co-op Bank has assured depositors that their money is secure and it has also simultaneously requested the govt to allow it to avail some more time.

Worried about their mounting loans and NPAs, Mahamedha Urban Co-operative Bank, Ghaziabad, has urged the Union ministry of finance to grant them one more year to make recovery of loans, reports Hindustan Times.

The move by the bank comes on the heels of the RBI cancelling the licence of the bank to carry on banking business.

The bank has six branches and nearly 36,000 accounts of different customers, including savings and current account holders.

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