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    RBI says 99.2% of CKP Co-operative Bank depositors to get full repayment

    RBI says 99.2% of CKP Co-operative Bank depositors to get full repayment

    RBI says 99.2% of CKP Co-operative Bank depositors to get full repayment
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    By CNBC-TV18  IST (Published)

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    The Reserve Bank of India said the DICGC will cover 99.2 percent of CKP Co-operative Bank's depositors, a day after cancelling its licence.

    The Reserve Bank of India today said 99.2 percent of The CKP Co-operative Bank's 1.32 lakh customers hold accounts having funds of less than Rs 5 lakh, and will be eligible for full recovery under the DICGC scheme when the bank is liquidated.
    The clarification, issued on Twitter by the RBI's CGM - Communications Yogesh Dayal, comes a day after the central bank said it had cancelled the licence of The CKP Co-operative Bank and that the bank will be liquidated.
    The RBI yesterday also said that all depositors will be covered under the deposit insurance scheme of the Deposit Insurance and Credit Guarantee Corporation (DICGC) but did not specify how many of the bank's customers had accounts having less than Rs 5 lakh.
    The limit of the DICGC scheme, which protects depositors in case of a bank failure, was increased from Rs 1 lakh to Rs 5 lakh after the PMC Bank episode.
    The Dadar, Mumbai-based CKP Co-operative Bank had deposits of Rs 486 crore. It was established in 1915.
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