RBI allowed the account holders of New India Co-operative Bank to withdraw up to Rs 25,000, which has given a big relief to the bank customers. The Reserve Bank of India (RBI) has allowed the depositors of Mumbai-based New India Co-operative Bank Limited to withdraw up to Rs 25,000 per account holder from 27 February 2025.

This relief comes at a time when the central bank had imposed stringent restrictions on this bank about two weeks ago, including a complete ban on withdrawals. On February 13, 2025, the RBI imposed All-Inclusive Directions (AID) on it, expressing concern over the liquidity and financial stability of the bank, due to which depositors could not withdraw any amount.

How much withdrawal is allowed to which customer

Now after reviewing the cash position of the bank, 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 amount.

Account holders whose deposits are Rs 25,000 or less will be able to withdraw the entire amount.

Those whose balance is more than Rs 25,000 can withdraw a maximum of Rs 25,000.

Can withdraw money from an ATM

RBI had earlier dissolved the board of the bank and appointed an Administrator and Committee of Advisors CoA. Now this committee has been reconstituted with new members, which include former senior officials of the State Bank of India (SBI) and Saraswat Co-operative Bank. RBI has also clarified that it is constantly monitoring the situation. At the same time, customers who want to withdraw money from the bank can withdraw money from the ATM of New India Co-operative Bank or any other bank.

Bank CEO and developer in police custody

Earlier in this case, the EOW had arrested the bank's CEO Hitesh Mehta, and developer Dharmesh Paun. The case of alleged misappropriation of funds came to light after an inspection by the Reserve Bank of India. After the irregularities in the bank, RBI has also imposed a ban of six months. After the ban was imposed by RBI, long queues of account holders were seen outside the bank in Mumbai. Everyone who has an account in the bank is worried. Some have gold deposited in their bank while some have money stuck in their account.

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