RBI supersedes Board of New India Co-operative Bank

India's central bank supersedes board of New India Co-operative Bank
India's central bank said on Friday it has taken control of the board of New India Co-operative Bank for 12 months, a day after its depositors were barred from withdrawing money from the lender.
Explained: Why RBI has imposed curbs on New India Co-operative Bank
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.
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RBI supersedes New India Cooperative Bank board for 12 months
Reserve Bank of India superseded the Board of Directors of New India Cooperative Bank Ltd, Mumbai, for a period of 12 months, the central bank said in a statement on Friday, a day after it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.
RBI supersedes New India Co-operative Bank Board for 12 months, appoints administrator
The RBI has superseded the Board of Directors of the Bank for 12 months.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.
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New India Co-Operative Bank Case: From PMC Bank To Others, A Look Into Failures Of Co-Operative Lenders In The Past
The series of events leads us into a flashback of the cataclysmic failure of another co-operative bank, Punjab & Maharashtra Cooperative Bank or PMC bank. PMC Bank, which itself was merged with Unity Small Finance Bank, went bust in 2022, ensuing the play similar scenes, that are being witnessed today.
New India Co-operative Bank crisis: RBI supersedes lender's board for 12 months
The Reserve Bank of India (RBI) on February 14 announced that it has superseded the board of directors of New India Co-operative Bank for a period of 12 months. This comes a day after the central bank barred the Mumbai-based bank from giving out new loans, accepting new deposits and more for a period of six months.
EOW begins investigation in New India Cooperative Bank `irregularities`
Mumbai Police’s Economic Offense Wing (EOW) has launched an investigation into the alleged `irregularities` at New India Cooperative Bank, official sources said on Friday. A bank representative filed a complaint with the EOW,
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