Explained: Why RBI has imposed curbs on New India Co-operative Bank
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1 month, 2 weeks ago

Explained: Why RBI has imposed curbs on New India Co-operative Bank

Firstpost  

The Reserve Bank of India 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. Let’s take a look: Why RBI ordered New India Co-operative Bank to stop disbursements The Reserve Bank of India has issued a notice to New India Co-operative Bank Limited, imposing restrictions on issuing new loans, accepting fresh deposits, or permitting withdrawals for the next six months. According to the RBI notice, “Considering the bank’s present liquidity position, the bank has been directed not to allow withdrawal of any amount from savings bank or current accounts or any other account of a depositor but is allowed to set off loans against deposits subject to the conditions stated in the RBI Directions.” However, the RBI has granted certain exemptions to New India Co-operative Bank for essential expenses, including employee salaries, rent, and electricity bills. Customers at New India Co-operative Bank, in Mumbai, PTI Importantly, the RBI clarified that these restrictions do not indicate the cancellation of the bank’s licence.

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History of this topic

RBI withdrawal relief for New India Co-op Bank depositors. Check details here
1 month ago

RBI withdrawal relief for New India Co-op Bank depositors. Check details here

India Today  

The Reserve Bank of India has permitted depositors of New India Cooperative Bank to withdraw up to Rs 25,000 from their accounts. This decision comes just over a week after the central bank prohibited the bank from issuing new loans, dissolved its board and took control owing to ‘supervisory concerns.’ “The Reserve Bank, after reviewing the bank’s liquidity position in …

RBI allows New India Cooperative Bank depositors to withdraw up to ₹25,000
1 month ago

RBI allows New India Cooperative Bank depositors to withdraw up to ₹25,000

Live Mint  

The Reserve Bank of India on Monday allowed depositors to withdraw up to ₹25,000 from New India Cooperative Bank, over a week after it stepped in to dissolve its board on the back of “supervisory concerns”. “The Reserve Bank, after reviewing the bank’s liquidity position in consultation with the administrator, has decided to allow a deposit withdrawal of up to …

RBI allows withdrawal of up to ₹25,000 per depositor of New India Co-operative Bank from February 27
1 month ago

RBI allows withdrawal of up to ₹25,000 per depositor of New India Co-operative Bank from February 27

The Hindu  

Days after imposing several restrictions on New India Co-operative Bank, the RBI on Monday relaxed the conditions and permitted customers to withdraw up to ₹25,000 from their deposit accounts with effect from February 27. On February 13, the Reserve Bank had imposed All Inclusive Directions on the Mumbai-based cooperative bank, which included a ban on deposit withdrawals, amid supervisory concerns. …

New India Co-op Bank depositors get relief as RBI allows Rs 25,000 withdrawal
1 month ago

New India Co-op Bank depositors get relief as RBI allows Rs 25,000 withdrawal

India Today  

The Reserve Bank of India on Monday eased restrictions on New India Co-operative Bank Limited, allowing depositors to withdraw up to Rs 25,000 from their accounts starting February 27. The bank had been under RBI’s All Inclusive Directions since February 13, which barred any withdrawals from savings, current, or other deposit accounts. “With the above relaxation, more than 50% of …

New India Co-operative Bank: How a former GM was involved in ₹122-crore fraud — Explained
1 month, 1 week ago

New India Co-operative Bank: How a former GM was involved in ₹122-crore fraud — Explained

Live Mint  

India's central bank, the Reserve Bank of India, superseded the Maharashtra-based New India Co-operative Bank for the upcoming 12 months on Friday, February 14, after flagging concerns over poor governance standards and irregularities in its core lending operations. A former general manager of the bank, Hitesh Pravinchand Mehta, was allegedly involved in siphoning ₹122 crore from the lender and was …

New India Co-operative Bank update: Will RBI give some relief to depositors?
1 month, 1 week ago

New India Co-operative Bank update: Will RBI give some relief to depositors?

India TV News  

New India Co-operative Bank update: Will RBI give some relief to depositors? New India Coop Bank update: The Reserve Bank of India is reportedly planning to give some relief to customers of New India Co-Operative Bank. Now, reports suggest that RBI may allow depositors of the troubled New India Co-operative Bank to withdraw funds in case of personal or medical …

Is your money safe in co-operative banks safe? RBI's latest curbs raise concern
Trending News
1 month, 1 week ago

Is your money safe in co-operative banks safe? RBI's latest curbs raise concern

India Today  

Mumbai-based New India Co-operative Bank Ltd. was recently subject to stringent regulations from the Reserve Bank of India that prevented depositors from taking their money out. The repeated troubles in co-operative banks raise a pressing question: Are depositors' funds truly safe Chartered accountant Chirag Chauhan believes the risks far outweigh any benefits, clearly saying that money in co-operative banks is …

New India Co-operative Bank scam: Govt actively considering raising deposit insurance limit beyond Rs 5 lakh
Trending News
1 month, 1 week ago

New India Co-operative Bank scam: Govt actively considering raising deposit insurance limit beyond Rs 5 lakh

India TV News  

New India Co-operative Bank scam: Govt actively considering raising deposit insurance limit beyond Rs 5 lakh New India Co-operative Bank scam: Deposit insurance, as we know it today, was introduced in India in 1962. New India Co-operative Bank scam: Days after the Reserve Bank of India superseded New India Co-operative Bank's board and barred it from allowing customers to withdraw …

New India Co-operative Bank fraud case: How will the RBI crackdown impact account holders, depositors?
1 month, 2 weeks ago

New India Co-operative Bank fraud case: How will the RBI crackdown impact account holders, depositors?

Live Mint  

New India Co-operative Bank fraud case: The Reserve Bank of India superseded the Maharashtra-based New India Co-operative Bank board for 12 months after imposing several financial and service restrictions due to irregularities in its lending practices. RBI order against New India Co-operative Bank Ltd In its instructions against the bank, the RBI said,"It is hereby notified for information of the …

New India Co-operative Bank fraud: Mumbai Police arrests ex-GM for siphoning ₹122 crore amid RBI curbs
1 month, 2 weeks ago

New India Co-operative Bank fraud: Mumbai Police arrests ex-GM for siphoning ₹122 crore amid RBI curbs

Live Mint  

New India Co-operative Bank fraud: The Mumbai police arrested Hitesh Pravinchand Mehta, former General Manager and Head of Accounts of the New India Cooperative Bank, for allegedly siphoning ₹122 crore from the lender. New India Co-operative Bank fraud: Mumbai Police arrests ex-GM Hitesh Mehta According to police, Mehta is accused of misappropriating funds while overseeing the bank's Dadar and Goregaon …

RBI Supersedes New India Co-Operative Bank’s Board for 12 Months
Trending News
1 month, 2 weeks ago

RBI Supersedes New India Co-Operative Bank’s Board for 12 Months

Deccan Chronicle  

Mumbai: A day after imposing restrictions on Mumbai-based New India Co-operative Bank, the Reserve Bank of India on Friday superseded its Board of Directors for 12 months citing poor governance at the bank. The central bank appointed Shreekant, former chief general manager of State Bank of India as ‘Administrator’ to manage the affairs of the bank during this period besides …

RBI supersedes board of New India Co-op bank
1 month, 2 weeks ago

RBI supersedes board of New India Co-op bank

The Hindu  

The Reserve Bank of India has superseded the board of New Co-operative Bank of India Ltd. for 12 months, a day after the banking regulator placed operational curbs on the lender citing poor goverance. The RBI appointed the former chief general manager of State Bank of India Shreekant the administrator of the three-member committee to manage the affairs of the …

‘We have EMIs to pay’: New India Co-operative Bank customers gather in panic after RBI imposes restrictions
1 month, 2 weeks ago

‘We have EMIs to pay’: New India Co-operative Bank customers gather in panic after RBI imposes restrictions

Hindustan Times  

The Reserve Bank of India had imposed several restrictions on New India Co-operative Bank due to supervisory concerns. They are saying that we will get our money within 3 months…We have EMIs to pay, we have no idea how we will do all of that.” RBI's restrictions on India Co-operative Bank The restrictions include ones on withdrawals by depositors. The …

RBI Restricts New India Cooperative Bank Businesses. Here's What Customers Must Do Now
1 month, 2 weeks ago

RBI Restricts New India Cooperative Bank Businesses. Here's What Customers Must Do Now

ABP News  

The Reserve Bank of India imposed multiple restrictions on the Mumbai-based New India Co-operative Bank on Thursday. Issuing the RBI Direction on February 13, 2025, the central bank said, “The bank shall not, without prior approval of RBI in writing, grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of …

RBI curbs on New India Co-operative Bank: How does it impact customers?
1 month, 2 weeks ago

RBI curbs on New India Co-operative Bank: How does it impact customers?

India Today  

The Reserve Bank of India has placed strict restrictions on New India Co-operative Bank Limited, Mumbai, preventing it from issuing new loans, accepting fresh deposits, or allowing withdrawals for six months. New India Co-operative Bank has been struggling with financial losses in recent years. WHAT THE RBI DIRECTIVE SAYS The RBI has stated that from the close of business on …

RBI issues notice to halt all financial operations of New India Co-operative Bank
1 month, 2 weeks ago

RBI issues notice to halt all financial operations of New India Co-operative Bank

India Today  

The Reserve Bank of India has issued a notice to New India Co-operative Bank Limited, Mumbai, restricting it from issuing new loans, accepting fresh deposits, or allowing withdrawals for the next six months. has issued certain Directions to New India Co-operative Bank Limited, Mumbai, whereby, as from the close of business on February 13, 2025, the bank shall not, without …

Video: Chaos at New India Co-operative Bank branches after RBI restrictions
1 month, 2 weeks ago

Video: Chaos at New India Co-operative Bank branches after RBI restrictions

India Today  

The Reserve Bank of India on Thursday barred Mumbai-based New India Co-operative Bank Limited from issuing new loans, accepting fresh deposits and suspended deposit withdrawals for the next six months, citing supervisory concerns and the bank’s liquidity position. The restrictions have led to panic among account holders, with customers lining up outside bank branches in Mumbai and Thane, demanding access …

New India Co-Operative Bank chaos: Customers express concern about deposits as RBI imposes restrictions
1 month, 2 weeks ago

New India Co-Operative Bank chaos: Customers express concern about deposits as RBI imposes restrictions

India TV News  

Several customers expressed concern as they gathered outside Mumbai-based New India Co-operative Bank on Friday, a day after Reserve Bank banned the bank from issuing new loans and suspended deposit withdrawals for six months, citing supervisory concerns and the lender's liquidity position. I got the information that the bank is allowing customers to operate locker but we have been standing …

Big update on New India Co-operative Bank: RBI supersedes board for 12 months, appoints administrator
1 month, 2 weeks ago

Big update on New India Co-operative Bank: RBI supersedes board for 12 months, appoints administrator

India TV News  

The Reserve Bank of India on Friday superseded the Board of Directors of New India Co-operative Bank for a period of 12 months. Earlier on Thursday, the RBI imposed several restrictions on city-based New India Co-operative Bank, including on the withdrawal of funds by depositors, amid supervisory concerns. The Reserve Bank's Directions to New India Co-operative Bank, Mumbai came into …

Customers queue outside New India Co-operative Bank as RBI imposes restrictions on withdrawal of funds
1 month, 2 weeks ago

Customers queue outside New India Co-operative Bank as RBI imposes restrictions on withdrawal of funds

India TV News  

Queues of people were seen outside Mumbai-based New India Co-operative Bank as worried customers want to withdraw their money after the Reserve Bank of India on Thursday imposed several restrictions, including on the withdrawal of funds by depositors, amid supervisory concerns. The Reserve Bank's Directions to New India Co-operative Bank, Mumbai came into force from the close of business on …

RBI lifts restrictions on Kotak Bank
1 month, 2 weeks ago

RBI lifts restrictions on Kotak Bank

Deccan Chronicle  

Mumbai: The Reserve Bank of India on Wednesday lifted the restrictions on Kotak Mahindra Bank, allowing it to issue new credit cards and onboard new customers through its website and mobile app, nearly ten months after an embargo was imposed on it. “Having satisfied itself based on the submissions, and remedial measures undertaken by the bank, the Reserve Bank, has …

RBI imposes monetary penalty on five co-operative banks. Details here
1 year, 2 months ago

RBI imposes monetary penalty on five co-operative banks. Details here

Live Mint  

The Reserve Bank of India has imposed monetary penalties on five co-operative banks for deficiencies in regulatory compliance. The co-operative banks that faced the central bank's action are Navsarjan Industrial Co-operative Bank Ltd, Mehsana Jilla Panchayat Karmachari Co-operative Bank Ltd, Halol Urban Co-operative Bank Ltd, Stambhadri Co-operative Urban Bank Ltd and Subramanianagar Co-operative Urban Bank Ltd. The Reserve Bank imposed …

RBI imposes monetary penalty on five co-operative banks. Details here
1 year, 5 months ago

RBI imposes monetary penalty on five co-operative banks. Details here

Live Mint  

The Reserve Bank has imposed monetary penalties on five co-operative banks for deficiencies in regulatory compliance. These co-operative banks are: SBPP Co-operative Bank Ltd, The Sahayadri Sahakari Bank Ltd, Rahimatpur Sahakari Bank Ltd, The Gadhinglaj Urban Co-operative Bank Ltd and The Kalyan Janata Sahakari Bank Ltd. The Reserve Bank imposed a monetary penalty of ₹13 lakh on SBPP Co-operative Bank …

Supreme Court Issues Notice On RBI Appeal Against Kerala HC Order That Lifted Loan Restrictions Imposed On Co-Operative Bank
1 year, 8 months ago

Supreme Court Issues Notice On RBI Appeal Against Kerala HC Order That Lifted Loan Restrictions Imposed On Co-Operative Bank

Live Law  

The Supreme Court on Friday issued notice to in an appeal filed by the Reserve Bank of India, against an order of the Kerala High Court that lifted the loan restrictions imposed by it on Thiruvalla East Co-Operative Bank Ltd. A division bench of the Kerala High Court had affirmed the order of a single bench that lifted the restriction …

RBI imposes monetary penalty on Zoroastrian Co-operative and Bharat Co-operative Bank; here's why
2 years, 3 months ago

RBI imposes monetary penalty on Zoroastrian Co-operative and Bharat Co-operative Bank; here's why

Firstpost  

Bharat Co-operative Bank has been fined Rs 50 lakh by the RBI for not complying with its directives. The Zoroastrian Co-operative Bank was fined Rs 1.25 crore as well Monetary penalty has been imposed on two Mumbai-based cooperative banks, namely Zoroastrian Co-operative Bank and the Bharat Co-operative Bank by the Reserve Bank of India for violating rules. The monetary action …

RBI lifts restrictions on American Express; allows onboarding new domestic customers
2 years, 7 months ago

RBI lifts restrictions on American Express; allows onboarding new domestic customers

India TV News  

Highlights RBI allowed American Express Banking Corp to onboard new customers on its card network The central bank had imposed the restrictions on May 1, 2021 They were also required to report compliance to RBI The Reserve Bank on Wednesday lifted the restrictions on American Express Banking Corp and allowed the onboarding of new domestic customers on its card network. …

RBI imposes restrictions, withdrawal caps on 4 banks. Details here
2 years, 8 months ago

RBI imposes restrictions, withdrawal caps on 4 banks. Details here

Live Mint  

The Reserve Bank of India on Friday imposed various restrictions on on four cooperative banks. The central ban k of India has imposed restriction keeping note of deteriorating financial positions of these four co-operative banks. The four banks being put under restrictions by the RBI are are Ramgarhia Co-operative Bank, New Delhi; Sahebrao Deshmukh Co-operative Bank, Mumbai; Sangli Sahakari Bank, …

RBI Imposes Restrictions, Withdrawal Caps On Four Cooperative Banks. Check Details
2 years, 8 months ago

RBI Imposes Restrictions, Withdrawal Caps On Four Cooperative Banks. Check Details

ABP News  

Mumbai: The Reserve Bank on Friday imposed several restrictions, including a cap on withdrawals for the depositors, on four cooperative banks for six months given their deteriorating financial positions. The banks on which restrictions or directions under the Banking Regulation Act, 1949 have been imposed are Ramgarhia Co-operative Bank, New Delhi; Sahebrao Deshmukh Co-operative Bank, Mumbai; Sangli Sahakari Bank, Mumbai; …

RBI relaxes current account norms, extends deadline to implement new rules. Check details
3 years, 7 months ago

RBI relaxes current account norms, extends deadline to implement new rules. Check details

India TV News  

The Reserve Bank of India on Wednesday issued guidelines for the implementation of the circular on the opening of current accounts by banks. The central bank has given banks time until October end to implement the new rules on current accounts issued in 2020. In the case of borrowers who have not availed of the CC/OD facility from any bank, …

RBI imposes Rs 23 lakh fine on THESE co-operative banks
3 years, 9 months ago

RBI imposes Rs 23 lakh fine on THESE co-operative banks

India TV News  

RBI imposes Rs 23 lakh fine on THESE co-operative banks The RBI said the penalties have been imposed due to deficiencies in regulatory compliance, and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. The Reserve Bank of India on Monday imposed penalties of Rs 23 lakh on …

RBI imposes Rs 11 lakh penalty on THESE banks
3 years, 9 months ago

RBI imposes Rs 11 lakh penalty on THESE banks

India TV News  

RBI imposes Rs 11 lakh penalty on THESE banks The RBI said the penalties have been imposed based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered by the two lenders with their customers. The Reserve Bank of India on Tuesday imposed a penalty of Rs 11 lakh on …

Reserve Bank of India Imposes Rs 15 Lakh Penalty on Two Co-operative Banks
4 years, 4 months ago

Reserve Bank of India Imposes Rs 15 Lakh Penalty on Two Co-operative Banks

News 18  

The RBI on Wednesday said it has imposed penalty totalling Rs 15 lakh on two co-operative banks, including Millath Co-operative Bank, Davangere for non-compliance with directions issued by it. A penalty of Rs 10 lakh has been imposed on Millath Co-operative Bank for “non-adherence/violation of all inclusive directions and other directions imposed on the bank”, the Reserve Bank of India …

Urban, multi-State cooperative banks to come under RBI supervision
4 years, 9 months ago

Urban, multi-State cooperative banks to come under RBI supervision

The Hindu  

To ensure that depositors are protected, the Centre has decided to bring all urban and multi-State cooperative banks under the direct supervision of the Reserve Bank of India. “In a landmark decision, the urban cooperatives and multi-State cooperative banks, which are 1,540 in number and have a depositor base of 8.6 crore, who have saved ₹4.84 lakh crore, a huge …

RBI bars People's Co-operative Bank from granting fresh loans, accepting deposits for 6 months
4 years, 9 months ago

RBI bars People's Co-operative Bank from granting fresh loans, accepting deposits for 6 months

India TV News  

The Reserve Bank of India on Thursday said it has barred Kanpur-based People's Co-operative Bank from granting fresh loans and accepting deposits for six months, due to its weak financial position. The RBI also said no withdrawal of amount of a depositor will be allowed from the co-operative bank. "As from the close of business on June 10, 2020, the …

PMC Bank account withdrawal restriction: Key things to know
5 years, 6 months ago

PMC Bank account withdrawal restriction: Key things to know

Live Mint  

The Reserve Bank of India Tuesday announced a restriction on Punjab & Maharashtra Co-operative Bank for six months. "What is at stake is their hard-earned money parked with the bank for regular household requirements, and in many cases even their lifetime savings," AIBDA President Sunil Bhandare said. All you need to know: 1) PMC Bank customers are not allowed to …

RBI puts restrictions on PMC Bank for 6 months
5 years, 6 months ago

RBI puts restrictions on PMC Bank for 6 months

Deccan Chronicle  

Mumbai: The Reserve Bank of India on Tuesday barred Mumbai-based Punjab and Maharashtra Cooperative Bank Limited from granting new loans and accepting deposits besides capping withdrawals to Rs 1,000 per account. "Without the prior approval in writing from the Reserve Bank, the bank will also not be able to grant or renew any loans and advances, make any investment, incur …

Underreporting of bad loans behind RBI restrictions on PMC Bank
5 years, 6 months ago

Underreporting of bad loans behind RBI restrictions on PMC Bank

Live Mint  

Mumbai: Gross underreporting of bad loans is one of the primary reasons behind Reserve Bank of India’s restrictions on Punjab and Maharashtra Cooperative Bank, said two people aware of the development, adding that RBI is currently looking into the books of the bank. While the bank’s gross bad loans, as per its FY19 annual report, was at 3.76% of its …

RBI puts restrictions on Punjab and Maharashtra Cooperative Bank
5 years, 6 months ago

RBI puts restrictions on Punjab and Maharashtra Cooperative Bank

Op India  

The Reserve Bank of India on Tuesday imposed restrictions on Punjab and Maharashtra Cooperative Bank, a Mumbai based urban cooperative bank. The direction says, “Depositors will be allowed to withdraw a sum not exceeding ₹ 1,000 of the total balance in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions …

RBI imposes ₹1 lakh penalty on Lucknow based co op bank
5 years, 11 months ago

RBI imposes ₹1 lakh penalty on Lucknow based co op bank

Live Mint  

The Reserve Bank Wednesday said it has imposed a penalty of ₹1 lakh on UP Postal Primary Co operative Bank, Lucknow for violation of norms regarding shifting of its branch The RBI had issued a show-cause notice to the bank, in response to which the lender submitted a written reply. The ₹1 lakh penalty has been imposed on the co-operative …

RBI lifts ban on Fino Payments Bank to open new accounts
6 years, 5 months ago

RBI lifts ban on Fino Payments Bank to open new accounts

Live Mint  

New Delhi: After almost five months of being barred from adding new customers, Fino Payments Bank, one of India’s first payments banks has been allowed to open new accounts by the Reserve Bank of India after it submitted the compliance report to the central bank. Fino Payments Bank had been unable to enrol new customers since the end of May …

RBI has no record of any scams in cooperative banks since demonetisation
8 years, 2 months ago

RBI has no record of any scams in cooperative banks since demonetisation

Hindustan Times  

After putting the rural economy in trouble by banning district central cooperative banks from exchanging demonetised currency over fears of being misused for parking unaccounted money, the Reserve Bank of India has now admitted that it has no details of any irregularities or scams occurring in the DCC banks one month since demonetisation. The ban directly hit millions of farmers …

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