The Reserve Bank of India (RBI), the highest banking body in India, has decided to revoke the license of CKP Cooperative Bank Limited. As a result, the savings of 1.25 crore customers are in question. . The bank's fixed deposit of Tk 475 crore is also stuck in the balance.
The RBI has been regularly extending the ban on banks since 2014. On March 31, this term was extended to May 31. Earlier, however, the RBI had revoked the bank's license. Despite the profit, the bank's license has been revoked due to the reduction in net worth.
In 2014, the bank's transactions were banned due to an increase in the bank's losses and a sharp decline in its net worth. Since then, there have been several attempts to reduce the bank's losses. Investor-depositors tried to revive. The interest rate was reduced to 2 percent.
Some people invested their fixed deposit in the shares of this bank. As a result, the loss of the bank was reduced a bit. But in such a situation, RBI has given a big push to the investors by revoking the license of CKP Bank.