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Long Queues Outside Mumbai's New India Co-op Bank After RBI's Restrictions

The Reserve Bank of India has imposed restrictions on New India Co-operative Bank, barring it from accepting new deposits or allowing withdrawals for six months due to liquidity issues and supervisory concerns.
Customers are panicking and have formed long queues outside the bank, unable to access their funds after receiving notification of the RBI's decision.
Depositors can claim insurance up to Rs 5,00,000 under the Deposit Insurance and Credit Guarantee Corporation provisions, but many express frustration over the lack of prior notice.
The RBI has clarified that these restrictions do not cancel the bank's license and will continue to monitor its financial status.

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India TV News

RBI imposes over Rs 60 lakh penalty on these two banks: Check names and reason

The Reserve Bank of India (RBI) has imposed penalties totalling Rs 68.1 lakh on Nainital Bank and Ujjivan Small Finance Bank for violations of regulatory norms. According to an official statement released on Friday, Nainital Bank Ltd faced a penalty of Rs 61.40 lakh for non-compliance with RBI’s guidelines on ‘Interest Rate on Advances’ and ‘Customer Service in Banks’. The nature of the violations and their impact on banking operations were not …

8 days ago·India

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Firstpost News

Explained: Why RBI has imposed curbs on New India Co-operative Bank

The Reserve Bank of India (RBI) has imposed restrictions on Mumbai’s New India Co-operative Bank due to supervisory concerns. Liquidity issues preventing withdrawals drove customers to the bank’s branches across Mumbai; they were worried about their savings, bill payments, and loan EMIs

8 days ago·Mumbai, India

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NDTV

Long Queues Outside Mumbai's New India Co-op Bank After RBI's Restrictions

The Reserve Bank of India's (RBI) restrictions on New India Co-operative Bank, located in Bandra, Mumbai, have triggered panic among customers, who are now unable to access their deposits.

8 days ago·New Delhi, India

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ChiniMandi

RBI supersedes New India Cooperative Bank board for 12 months - ChiniMandi

Mumbai (Maharashtra) [India], February 14 (ANI): Reserve Bank of India superseded the Board of Directors of New India Cooperative Bank Ltd, Mumbai, for a period of 12 months, the central bank said in a statement on Friday, a day after it imposed several restrictions on the lender. Consequently, the RBI has appointed Shreekant, former Chief General Manager of State Bank of India (SBI) as ‘Administrator’ to manage the affairs of the bank during th…

8 days ago

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Marksmen Daily - Your daily dose of insights and inspiration

RBI Imposes Restrictions on New India Co-operative Bank, Depositors Line Up Outside Branches

In a significant regulatory move, the Reserve Bank of India (RBI) has imposed stringent restrictions on Mumbai-based New India Co-operative Bank, triggering panic among depositors. Customers formed long queues outside the bank’s branches on Friday, February 14, seeking clarity on their funds. This marks the first major action against a co-operative bank in Maharashtra since the infamous Punjab and Maharashtra Co-operative (PMC) Bank collapse, wh…

8 days ago

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Devdiscourse

RBI Takes Control of New India Cooperative Bank Amid Governance Concerns

RBI Takes Control of New India Cooperative Bank Amid Governance Concerns The Reserve Bank of India (RBI) has intervened in the operations of New India Cooperative Bank Ltd, Mumbai, citing governance concerns as the catalyst for this move. In a statement released on Friday, the central bank announced the dissolution of the bank's Board of Directors for a duration of 12 months.As a result, the RBI has appointed Shreekant, an experienced former Chi…

8 days ago·India

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