New India Cooperative Bank Update: Recently, the Reserve Bank of India (RBI) has imposed several restrictions on the New India Cooperative Bank which is continuously making losses. This also includes withdrawal of money by depositors
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New India Cooperative Bank Update: There is good news for the depositors of New India Cooperative Bank. The Reserve Bank of India (RBI) has allowed withdrawal of money from New India Cooperative Bank. The Reserve Bank of India has allowed Mumbai customers to withdraw up to Rs 25,000. Now Mumbai depositors will be able to withdraw up to Rs 25,000 from February 27. Let us tell you that RBI has imposed a limit of 25 thousand on every depositor.
RBI gave these instructions
Let us tell you that recently the Reserve Bank of India (RBI) has imposed many restrictions on the New India Cooperative Bank, which is continuously running in loss. This also includes withdrawal of money by depositors. After the instructions of the Reserve Bank, the ban on closing the business on New India Cooperative Bank from February 13 came into effect and will remain in force for the next six months. However, according to the new order of RBI, customers of New India Co-operative Bank, Mumbai have been allowed to withdraw up to Rs 25,000 per depositor from February 27, 2025. RBI said that depositors can use the bank’s branch as well as ATM channel for this withdrawal.
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This is the limit
RBI said that with this exemption, more than 50 percent of the total depositors will be able to withdraw their entire balance and the remaining depositors will be able to withdraw up to Rs 25,000 from their deposit account. Earlier, RBI had directed the bank not to allow withdrawal of any amount from the depositor’s savings bank or current account or any other account.
Let us tell you that RBI imposed several restrictions on New India Cooperative Bank. These included a ban on lending money from the bank, accepting new deposits and making payments. Then on Friday, RBI removed the board of the bank and took over the operation of the bank. RBI appointed former State Bank of India official Srikant as the administrator of New India Cooperative Bank, who will work for the next 12 months.
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