The Reserve Bank of India imposed several restrictions on New India Co-Operative bank on February 13. These restrictions were imposed on the co-operative bank over 'supervisory concerns' that have emerged from its activities.

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,

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.

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’s action was necessitated due to certain material concerns emanating from poor governance standards observed in the Mumbai-headquartered New India Co-operative Bank.

Customers queued outside New India Cooperative Bank's branches in Mumbai on Friday seeking answers on the abrupt shut down of certain key services

Reserve Bank of India superseded the Board of Directors of New India Cooperative Bank Ltd, Mumbai, for a period of 12 months, the central bank said in a statement on Friday, a day after it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

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