RBI cancels the licence of The CKP Co-operative Bank Ltd., Mumbai

The Reserve Bank of India (RBI) has cancelled the licence of “The CKP Co-operative Bank Ltd., Mumbai” due to non-compliance to various sections of Banking Regulation Act and RBI Act.
“The CKP Co-operative Bank Ltd., Mumbai” is prohibited from conducting the business of ‘banking’ which includes acceptance of deposits and repayment of deposits.
Upon liquidation of the bank, the depositors will receive repayment of his/her deposits up to a monetary ceiling of Rs 5 lakhs from DICGC.