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,

The RBI has replaced the board of New India Cooperative Bank, appointing Shreekant as Administrator for 12 months. Restrictions have been imposed on loan issuance and withdrawals due to governance issues and liquidity concerns.

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 RBI restrictions that came into effect after the close of business hours on February 13 prevents the bank from issuing new loans, making investments, borrowing funds or allowing withdrawals for six months due to concerns over its financial stability.

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Reserve Bank of India superseded the Board of Directors of New India Cooperative Bank Ltd, Mumbai, for a period of 12 months, the central bank said in a statement on Friday, a day after it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

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

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.

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imposing several restrictions on Mumbai-based New India Co-operative Bank, the Reserve Bank of India (RBI) on Friday superseded its board citing poor governance standards, news agency PTI reported.

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.