RBI cancels licence of Mumbai-based The CKP Co-operative Bank; depositors to get up to Rs 5 Lakh

The Reserve Bank of India (RBI) on Saturday said it has cancelled the licence of Mumbai-based CKP Co-operative Bank Ltd as its financial position is unsustainable and also not in a position to pay its depositors. The bank is not satisfying the stipulated minimum regulatory capital requirement of 9 per cent, the RBI said while cancelling the licence from the close of business on April 30.

from IndiaTV Business: Google News Feed https://ift.tt/2KSqbX8
via Today’s News Headlines