The Reserve Bank of India (RBI) has superseded the Board of Directors of New India Co-operative Bank for 12 months, citing poor governance standards.

The Reserve Bank of India (RBI) has imposed strict restrictions on Mumbai-based New India Co-operative Bank, barring it from issuing new loans, accepting fresh deposits, or allowing withdrawals for six months.

However, RBI stated that the bank is allowed to set off loans against deposits subject to the conditions stated in the directions

The Reserve Bank of India (RBI) has imposed strict restrictions on New India Co-operative Bank Limited in Mumbai, citing supervisory concerns over its financial position. As per the restrictions which are effective from the close of business on 13 February 2025,

Reserve Bank of India (RBI) imposes restrictions on New India Co-operative Bank, limiting operations and withdrawals.

The Reserve Bank of India (RBI) has superseded the board of New India Co-operative Bank in Mumbai, citing poor governance standards. The bank faces restrictions on withdrawals and loan issuance.

The RBI has superseded the Board of Directors of the Bank for 12 months. It has appointed Shreekant, former Chief General Manager (CGM) of SBI, as the Administrator to manage the bank’s affairs during the period.

Reserve Bank of India superseded the Board of Directors of New India Cooperative Bank Ltd, Mumbai, for a period of 12 months, the central bank said in a statement on Friday, a day after it imposed several restrictions on the lender.

New India Co-Operative Bank collapsed in Mumbai today. RBI barred the bank from offering new loans, and deposits. Depositors can't withdraw deposits. Hope ordinary people are paid back on time and the culprits behind this is brought to justice. pic.twitter.com/mfWDe3tF5c

A day after imposing several restrictions on city-based New India Co-operative Bank, the RBI on Friday superseded its board citing poor governance standards. A large number of bank's customers had gathered at its branches on Friday following RBI's restrictions,

Account holders in thousands gathered outside Mumbai-headquartered New India Co-operative Bank Limited branches to withdraw their hard-earned savings, soon after the Reserve Bank of India put several restrictions on the lender.