About 99.2% of the 132170 depositors of CKP Cooperative Bank will get their full deposits back as they are covered under the deposit insurance scheme, Reserve Bank of India said on Sunday.
The bank's license was cancelled by the RBI . It requested the registrar of cooperative societies (RCS) for the liquidation process.
"CKP Co-op Bank Ltd., Mumbai has been under All Inclusive Directions of @RBI since 2014. As there was no scope for revival of the bank, its licence has been cancelled. Out of 132170 depositors of the bank, about 99.2% will get full payment of their deposits from DICGC," a RBI spokesperson said in a social media post.
RBI has requested the Registrar of Co-operative Societies, Pune, Maharashtra, to issue an order for winding up the affairs of the CKP Cooperative Bank and appoint a liquidator for the bank.
Now RCS will appoint a liquidator for starting the process of giving back the deposits in consultation with Deposit Insurance and Credit Guarantee Corporation (DICGC). The deposit insurance cover was increased to ₹5 lakh from ₹1 lakh earlier this year. The bank has a deposit base of ₹485.56 crore, as on November 2019.
RBI said CKP, which has 8 branches spread across Mumbai and Thane districts, did not satisfy the requirement of minimum capital and reserves and was not in a position to pay its present and future depositors.
