RBI information on CKP Co-op Bank
The Reserve Bank of India (RBI) has cancelled the licence of The CKP Co-operative Bank Ltd for reasons including, the lack of any viable revival plan and functioning “in a manner detrimental to the public interest and interest of the depositors".
According to RBI, the cooperative bank cannot accept or repay deposits, with immediate effect. Moreover, with the cancellation of licence and start of liquidation proceedings, the process of paying the depositors will be as per the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961.
On liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of ₹ 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC) as per usual terms and conditions.
DICGC, a wholly owned subsidiary of the Reserve Bank of India, had raised the limit of insurance cover for depositors in insured banks from ₹1 lakh to ₹5 lakh per depositor with effect from February 4, 2020 with the approval of Government of India.
According to RBI, the cooperative bank cannot accept or repay deposits, with immediate effect. Moreover, with the cancellation of licence and start of liquidation proceedings, the process of paying the depositors will be as per the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961.
On liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of ₹ 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC) as per usual terms and conditions.
DICGC, a wholly owned subsidiary of the Reserve Bank of India, had raised the limit of insurance cover for depositors in insured banks from ₹1 lakh to ₹5 lakh per depositor with effect from February 4, 2020 with the approval of Government of India.
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