A day after imposing several restrictions on Mumbai-based New India Co-operative Bank, the Reserve Bank of India (RBI) on Friday superseded its board citing poor governance standards, news agency PTI reported.

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.

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.

Mumbai: Funds of over a lakh depositors and several cooperative housing societies are stuck with New India Cooperative Bank after it was placed under .

RBI has taken control of New India Co-operative Bank, citing poor governance, and imposed withdrawal limits, sparking panic among depositors

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.

Surat: There was panic among clients of New India Co-Operative Bank in the city on Friday, after they learned about restrictions imposed on the bank b.

Reserve Bank of India (RBI) imposes restrictions on New India Co-operative Bank, limiting operations and withdrawals.

Reserve Bank of India superseded the Board of Directors of New India Cooperative Bank Ltd, Mumbai, for a period of 12 months, the central bank said in a statement on Friday, a day after it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.

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.

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