“Rbi Bars New India Bank Cooperative from Fresh Business, customers cannot withdraw deposits

The Indian Reserve Bank (RBI) prevented the new cooperative bank in Mumbai from issuing new loans and withdrawing suspended deposit for six months. The central bank was martyred in supervisory concerns and liquidity position issues of the lender on this unprecedented step.

RBI movement prevents depositors from withdrawing money as the bank faces liquidity problems. Shortly after the announcement, the customers were seen worried about queues outside the various branches of the new cooperative bank of India.

RBI announced that the new Cooperative Cooperation Bank on February 13, 2025 is prevented from granting or renewing any loans or progress. He also cannot make any new investments or accept new deposits. He is also not allowed to pay any payments. The bank is not allowed to get rid of any of its property or make any investments or borrowing funds.

The Australian Reserve Bank said that the trends were necessary due to the concerns arising from “modern material developments” in the bank, and to protect the depositors’ interest. However, it did not explain the details of these concerns.

The Central Bank added that the qualified depositors are entitled to obtain deposit insurance claims of up to 5 rupees for Cham, according to the deposit insurance plan. The depositors were asked to make their claims with the bank. At the end of March 2024, New India Co-OP Bank had 2,436 rupees and 1,175 rupees.

I reported a loss of 22.78 rupees for the fiscal year 24 and 42.11 rupees in the fiscal year 23.

In April 2024, in a similar step, RBI has backed Kotak Mahindra from new clients on board through its online banking and mobile banking channels and from issuing new credit cards. However, on Wednesday, RBI raised restrictions on Kotak Mahindra Bank after the satisfactory compliance of the regulatory requirements.