....We had already sent proposals to various foreign banks who had in principle agreed to extend support to our plan. As we were given time we were preparing all the documents but suddenly RBI decides to shut the bank," said Mehta. RBI in its order cancelling the licence mentions that 'MMCB was neither aware of the antecedents of the NRI investor nor genuineness of the sources of funds'. The order says that co-operative bank couldn't furnish any evidence suggesting in-principle approval from any foreign bank or Indian government for such a scheme........
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