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According to sources, administrators and advisors have been tasked to quickly assess the situation, restore general banking business operations and try to revive the bank as soon as possible.
The RBI banned withdrawal as a precautionary measure to protect the interests of the depositors of New India Co-operative Bank Limited. Pick/PTI
Reserve Bank of India (RBI) is generally trying to restore general banking business operations New India-operative Bank LimitedSources have told CNN-NEWS18.
According to him, administrators and advisors have been tasked to quickly assess the situation, restore general banking business operations as soon as possible and try to revive the bank as soon as possible.
“It is reiterated that customer deposit deposit insurance and credit guarantee corporation (DICGC) is preserved under the insurance cover, up to Rs 5 lakh per depositor in the same right and capacity. A source said that out of 1.3 lakh deposits of the bank, more than 90 percent of deposits have been fully covered under insurance.
Following a spot inspection by the RBI, the Chief Compliance Officer of the bank filed a complaint on February 13, 2025 with the Economic Offenses Wing (EOV) of the Mumbai Police about the alleged misconduct of alleged misconduct by some employees.
The RBI banned withdrawal as a precautionary measure to protect the interests of the depositors.
The RBI supersured the bank’s board for mismanagement and appointed a administrator with a committee of advisors, including a chartered accountant to secure the proper management of the bank.
“Looking at the current liquidity state of the bank, the bank has been directed not to allow them to withdraw any amount from the savings bank or the current accounts or any other account, but the submission of the above mentioned conditions Loans are allowed to be set up. RBI instructions. The RBI said in a statement on Thursday, “The bank can spend some essential items like salaries, rent, electricity bills, etc. of employees.
“The eligible depositors will be entitled to receive their deposit insurance claim amount, up to the monetary roof of Rs 5,00,000 and in the same right, from the deposit insurance and Credit Guarantee Corporation (DICGC), the implemented statement said that the DICGC Act said that the DICGC Act , Under the provisions of 1961, the statement said in the statement, based on submission of the will by the concerned depositors and after proper verification.
The New India Co-operative Bank has been struggling with losses in the last two financial years, the bank has damaged Rs 23 crore in the financial year ended March 2024 and according to its annual, there has been a loss of Rs 31 crore in FY 2023 in FY 2023 . Report.
