More than 90% CKP Co-op Bank depositors to get back money, says RBI

The RBI cancelled the licence of CKP Co-op Bank on April 28, and notified the cancelletaion on its website on Saturday. There it also said that deposits up to Rs 5 lakh are guaranteed by the DICGC

More than 99 per cent of the depositors in CKP Co-op Bank will get full payment of the deposits back from the Deposit Insurance and Credit Guarantee Corporation (DICGC), a senior official of the Reserve Bank of India (RBI) tweeted on Sunday.

The RBI cancelled the licence of CKP Co-op Bank on April 28, and notified the cancellation on its website on Saturday. It said deposits up to Rs 5 lakh are guaranteed by the DICGC. This portion is 99.2 per cent.

“CKP Co-op Bank, Mumbai, has been