After the recent news about extension of Lockdown for another two weeks, we hear the news now that RBI cancels the License of CKP Co operative Bank Ltd., leaving the fate of 1.20 lakh account holders’ fate in question.
- Effective 3rd May, RBI had put certain restrictions on the functioning of CKP Cooperative Bank Ltd under section 35 by which account holders were permitted to withdraw only Rs 1,000/- as one time withdrawal.
- The C.K.P. Co-op Bank Ltd is a Co-operative Banking Sector in Mumbai. It is having its head office at Matunga, Mumbai.
- The bank has 8 branches spread across Mumbai and Thane Districts.
- The Bank has attained an important status in the co-operative banking sector, by crossing various milestones of quality and standards and by setting new standards of its own.
- Many middle class people with this bank in the form of savings bank, fixed deposits, etc.were put to great hardship due to this decision.
- Also, the depositors of the bank mostly senior citizens were concerned about their money deposited with the bank and worried about the fate of their deposits.
- To protect the interest of the customers the bank was given an extension u/s 35 A for a period of two months till 31st March 2020.
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