Reserve Bank of India cancels the licence of The CKP Co-operative Bank Ltd., Mumbai - আৰবিআই - Reserve Bank of India
Reserve Bank of India cancels the licence of The CKP Co-operative Bank Ltd., Mumbai
The Reserve Bank of India (RBI) has, vide Speaking Order No DOR.CO.AID/LC-02/12.22.035/2019-20 dated April 28, 2020 cancelled the licence of The CKP Co-operative Bank Ltd., Mumbai, to carry on banking business, with effect from the close of business on April 30, 2020. The Registrar of Co-operative Societies, Pune, Maharashtra, has also been requested to issue an order for winding up the affairs of The CKP Co-operative Bank Ltd., Mumbai and appoint a liquidator for the bank. 2. The Reserve Bank cancelled the licence of the bank as:
3. Consequent to the cancellation of its licence, The CKP Co-operative Bank Ltd., Mumbai, is prohibited from conducting the business of ‘banking’ which includes acceptance of deposits and repayment of deposits as defined in Section 5 (b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect. 4. With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of The CKP Co-operative Bank Ltd., Mumbai, as per the DICGC Act, 1961 will be set in motion. On liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of ₹ 5,00,000/- (Rupees Five lakh only) from the Deposit Insurance and Credit Guarantee Corporation (DICGC) as per usual terms and conditions. (Yogesh Dayal) Press Release : 2019-2020/2304 |