India: CKP Co-operative Bank's licence cancelled by RBI; depositors to get up to Rs 5 lakh
3 May 2020; MEMO: Reserve Bank of India suspended operations of CKP Co-operative Bank and cancelled its licence saying that that the financial position of the bank is highly adverse and unsustainable.
"The affairs of the bank were and are being conducted in a manner detrimental to the public interest and interest of the depositors and that the general character of the management of the bank is prejudicial to the interest of depositors as also public interest," RBI said.