The RBI allowed the account holders of New India Co-operative Bank to withdraw up to Rs 25,000, which has given great relief to the bank planets. The Reserve Bank of India (RBI) has allowed the depositors of Mumbai-based New India Co-operative Bank Limited to withdraw from 27 February 2025 to Rs 25,000 per account holder.
This relief came at a time when the central bank imposed strict sanctions on this bank about two weeks ago, which included a complete ban on withdrawal. On 13 February 2025, the RBI, expressing concern about the liquidity and financial stability of the bank, had imposed all-detective directions (AIDs) on it, so that the depositors could not withdraw any money.
Now after reviewing the bank's cash status, the central bank has decided to give partial relief. RBI said that more than 50% of the account holders will be able to withdraw their entire deposit.
The RBI had previously dissolved the bank's board and appointed an Administrator and Committee of Advisors CoA. Now this committee has been restructured with new members, which includes State Bank of India (SBI) and former senior officials of Saraswat Co-operative Bank. The RBI has also clarified that it is constantly monitoring the situation. At the same time, those who want to withdraw money from the customer bank, they can withdraw money from the ATM of New India Co-operative Bank or any other bank.
Earlier, EOW arrested the bank's CEO Hitesh Mehta and developer Dharmesh Paun in this case. After the inspection of the Reserve Bank of India, a case of alleged rigging of money came to light. After the bank disturbances, the RBI has also banned a six -month ban. Since the ban was imposed by the RBI, a long line of account holders was seen outside the bank in Mumbai. Whichever account is in the bank, all are upset. If someone's gold is kept, then money is stuck in someone's account.
