All requests for withdrawal of funds were turned down, with banners at branch gates saying deposits would be paid back in around 90 days

RBI’s action was necessitated due to certain material concerns emanating from poor governance standards observed in the Mumbai-headquartered New India Co-operative Bank.

This is the first major action against a co-operative bank in Maharashtra after the collapse of Punjab and Maharashtra Co-operative Bank due to large scale fraudulent loans.

“Dear Depositors, the RBI’s restrictions are in the interest of depositors. Deposits up to R5 lakh are insured with the Deposit Insurance and Credit Guarantee Corporation (DICGC) and are expected to be paid within 90 days. We assure you that your money remains safe. We appreciate your patience and cooperation. — Order by Acting CEO.”

The Mumbai police have registered a case against the New India Cooperative Bank's General Manager and Head of Accounts along with his associates for allegedly embezzling ₹122 crore of funds, officials said on Saturday.

Mumbai- A day after imposing several restrictions on city-based New India Co-operative Bank, the RBI on Friday superseded its board citing poor gov

Depositors of New India Co-operative Bank face restrictions on withdrawals after RBI takeover, sparking panic among customers.

The RBI has taken control of New India Co-operative Bank by superseding its board due to poor governance. Restrictions, including halting loan issuance and deposit withdrawals, were imposed. Shreekant has been appointed as the Administrator,

The Reserve Bank of India (RBI) has imposed strict restrictions on New India Co-operative Bank Limited in Mumbai, citing supervisory concerns over its financial position. As per the restrictions which are effective from the close of business on 13 February 2025,

Account holders in thousands gathered outside Mumbai-headquartered New India Co-operative Bank Limited branches to withdraw their hard-earned savings, soon after the Reserve Bank of India put several restrictions on the lender.