CKP cooperative bank license canceled

The license of the CKP cooperative bank has been canceled by the Reserve Bank of India. This bank is based in Mumbai. Reserve Bank of India said that the bank cannot pay its liabilities. This bank has been prohibited from accepting and repaying deposits.

A liquidator will be appointed for this bank. This bank does not have minimum capital and reserves. The depositors in this bank will be repaid with a monetary ceiling of 5 lakh rupees. Deposit insurance and credit guarantee corporation will repay the money of depositors. The commitment of management for the revival of this bank cannot be seen. This bank was given ample time for revival but its efforts were not adequate. It would not have been in the public interest to allow this bank to carry on its operations.

Vedant kabra.

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