Maharashtra govt to give Rs. 50 lakh each to families...
April 29, 2025
The Reserve Bank of India (RBI) on Friday superseded the Board of Directors of New India Co-operative Bank for a period of 12 months. The central bank has appointed Shreekant, former Chief General Manager of State Bank of India (SBI), as administrator to manage the affairs of the bank during the period.
Earlier on Thursday, the RBI imposed several restrictions on city-based New India Co-operative Bank, including on the withdrawal of funds by depositors, amid supervisory concerns.
The Reserve Bank’s Directions to New India Co-operative Bank, Mumbai came into force from the close of business on Thursday and would remain in force for a period of six months and are subject to review.
The lender, however, is allowed to set off loans against deposits subject to the conditions stated in the above RBI Directions.
“Considering the bank’s present liquidity position, the bank has been directed not to allow withdrawal of any amount from savings bank or current accounts or any other account of a depositor,” the RBI said.
