New Delhi: After the closure of Punjab and Maharashtra Co-operative Bank, now another bank CKP Co-operative Bank has closed. RBI has canceled the license of this bank and stopped its functioning.
Citing the reason for the cancellation of the license of the CKP co-operative bank, the RBI said, “The financial condition of this bank is very bad. No concrete plan of merger of this bank with any other bank has been revealed so far. The management has not made any credible commitment to bring the bank’s condition back on track. ‘
According to the DICGC Act, 1961, along with announcing the cancellation of the license of the bank and selling its assets, the process of returning their money to the depositors of CKP Co-operative Bank Limited will be initiated. According to the rules of Deposit Insurance and Credit Guarantee Corporation (DICGC), each depositor will be paid a maximum amount of Rs 5 lakh.
