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.

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,

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

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

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 appoints administrator for New India Cooperative Bank, depositors panic, eligible for up to Rs 5 lakh insurance claim.

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 restricted Mumbai-based New India Co-operative Bank from issuing loans, accepting deposits, or permitting withdrawals for six months. The move comes amid concerns over the bank's financial health and liquidity.