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Tag Archives: RBI

RBI cancels licence of Mumbai based CKP Cooperative Bank (Read Order)

RBI cancels licence of Mumbai based CKP Cooperative Bank

The Reserve Bank of India (RBI) has cancelled the licence of The CKP Co-operative Bank Ltd., Mumbai, to carry on banking business, with effect from the close of business on April 30, 2020. “The financial position of the bank is highly adverse and unsustainable,” RBI said in a statement. “There …

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RBI allows banks to issue electronic cards for overdraft accounts (Read Notification)

RBI allows banks to issue electronic cards for overdraft accounts

The Reserve Bank of India (RBI) has permitted scheduled commercial banks to issue electronic cards to customers having overdraft accounts that are only in the nature of personal loan without any specific end-use restrictions. The card can be issued for a period not exceeding the validity of the facility.  Banks, …

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