CKP bank: Bomaby High Court upholds winding up of oldest urban bank
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Observing that it is the duty of the Reserve Bank of India to act as the strongest watchdog into the affairs of a bank and supervise if it is complying with banking licence, the Bombay High Court on Friday upheld the decision of the RBI to wind up the CKP Bank, which is the oldest urban cooperative bank. The HC noted that the RBI had given sufficient time to CKP bank to right the wrongs going in it but yet there was no improvement.
Notably, the RBI had in May last year ordered the Registrar of Cooperative Societies to wind up the CKP Bank, which has around eight branches of the bank across Mumbai and Thane districts.