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“We had deposited the money yesterday only, but they did not say anything … they should have told us that it was going to happen … now they are saying that we will get our money within 3 months,” A customer says India Cooperative Bank.
The RBI has imposed several sanctions on the New India Co-operative Bank, including the return of funds by the depositors amid supervisory concerns.
Following the RBI sanctions on fund withdrawal from Mumbai-based New India Co-operative Bank, the concerned depositors reached their branches, making long queues outside the lender on Friday. Some of the concerned depositors said that they had deposited money yesterday (Thursday), but were not informed about the issue.
The Reserve Bank of India (RBI) imposed several sanctions on the New India Co-operative Bank on Thursday, including the withdrawal of funds by depositors amid supervisory concerns.
Subsequently, customers were worried about their deposits in banks. They used to roam in the bank in the morning to make long queues to get their money. Account holders also gathered outside the Vijayanagar branch in Andheri, Mumbai.
“We had deposited the money yesterday only, but they did not say anything … they should have told us that it was going to happen … They are saying that we will get our money within 3 months … There is EMI to pay, we do not know how the news agency ANI, we will do all this, “a customer of the New India Co-operative Bank said.
#Watch Mumbai: A customer of New India Co-operative Bank, Seema Waghmare says, “We had deposited money yesterday, but they did not say anything … They should tell us that it was going to happen … they were going to happen … they were going to happen … We are saying that we will get our money within 3 months… we … pic.twitter.com/wriiqp472d– Annie (@ani) 14 February, 2025
Another customer told the news agency IANS, “I woke up this morning and got a message at 9:20 am, I came here and they are saying that within 90 days, people up to Rs 5 lakh back back to their money Will be found … no one is. Assurance … We work hard to save money, and then banks cause fraud. ,
Mumbai, Maharashtra: On the restrictions imposed by the Reserve Bank of India (RBI) on New India Co-operative Bank, a customer of the bank says, “I woke up this morning and got a message at 9:20 am, I came, I came, I came, I came, I came, I came Came here and they are saying that within 90 days, people up to 5… pic.twitter.com/w0qnkkgxai– IANS (@ians_India) 14 February, 2025
The Reserve Bank’s instructions for the New India Co-operative Bank, Mumbai came into force from close to the trade on Thursday and will remain in force for a period of six months and are subject to the review.
RBI said, “Given the position of the bank’s current liquidity, the bank has been directed not to allow them to withdraw any amount from a savings bank or current account or any other account.”
However, the lender is allowed to set a loan against the deposits under the conditions stated in the above RBI directions. It can spend some essential commodities such as salaries, rent and electricity bills of employees.
The RBI further stated that on February 13, 2025, the bank would invest, without prior approval, without renewing or renewing any loans and advances, and anyone will earn liabilities including acceptance of fresh deposits.
The central bank said, “These directions are needed to protect the bank depositors and to protect the interest of the bank depositors,” the central bank said.
Apart from this, the eligible deposit deposits will be entitled to receive the deposit amount of deposits up to Rs 5 lakh from deposit insurance and credit guarantee corporation (DICGC).
