A news outlet reports Mapusa Urban Cooperative Bank of Goa has approached the state government for financial help as the business restrictions imposed on the bank by RBI have greatly compromised its financial position.
The crisis-ridden bank will soon challenge the RBI’s order in the Bombay High Court.
Meanwhile, with a view to repairing its financial situation the bank will try multiple options including praying the apex bank’s permission to monetize assets.
According to the website The Mapusa Urban Co-operative Bank of Goa Ltd., is the first Urban Co-operative Bank of North Goa, established on 9th December, 1965, by 27 enthusiastic members.
The Reserve Bank of India granted the Scheduled Bank status on 30th January, 1998, and a deemed Multi-State Co-operative Bank on 6th January, 1998. The Bank has a network of 24 branches and one Extension Counter covering the entire State of Goa.