RBI supersedes Board of New India Co-operative Bank

India's central bank supersedes board of New India Co-operative Bank
India's central bank said on Friday it has taken control of the board of New India Co-operative Bank for 12 months, a day after its depositors were barred from withdrawing money from the lender. The action,
Explained: Why RBI has imposed curbs on New India Co-operative Bank
The Reserve Bank of India (RBI) has imposed strict restrictions on Mumbai-based New India Co-operative Bank, barring it from issuing new loans, accepting fresh deposits, or allowing withdrawals for six months.
RBI Restricts New India Cooperative Bank Businesses. Here's What Customers Must Do Now
These directions came into effect on from the close of business on Thursday and are expected to remain in force for a period of six months, subject to review.
RBI clamps curbs on New India Co-operative Bank, depositors queue up outside branches
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.
RBI supersedes New India Co-operative Bank Board for 12 months, appoints administrator
The RBI has superseded the Board of Directors of the Bank for 12 months. It has appointed Shreekant, former Chief General Manager (CGM) of SBI, as the Administrator to manage the bank’s affairs during the period.
RBI curbs on New India Co-operative Bank: How does it impact customers?
New India Co-operative Bank has been struggling with financial losses in recent years. According to its annual report, the bank recorded a loss of Rs 22.78 crore in the financial year ending March 2024,
RBI curbs New India Co-op Bank over alleged fund misuse; 90% depositors insured
To protect depositors’ interests, RBI imposed withdrawal restrictions and took control of the bank’s management. The Administrator and Advisors will work to assess the situati
RBI curbs on New India Co-operative Bank: What next for depositors?
The RBI has said depositors cannot withdraw funds from their savings, current or any other account in the six-month period when the restrictions will remain in place
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