Failed CKP Co-operative Bank depositors among first beneficiaries of higher deposit cover

The bank which was under RBI's administration since 2014, failed to come up with a satisfactory revival plan, after which the banking regulator cancelled its license. Majority of the bank's depositors now get 100 per cent of their money back. The government hiked the minimum deposit insurance cover from Rs 1 lakh to Rs 5 lakh in its budget announcement in February.

from Banking/Finance-Industry-Economic Times https://ift.tt/2WyPSSe