RBI imposes several restrictions on New India Cooperative Bank, Mumbai

Daily Current Affairs / RBI imposes several restrictions on New India Cooperative Bank, Mumbai

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Category : Business and economics Published on: February 17 2025

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The Reserve Bank of India (RBI) has imposed strict restrictions on New India Cooperative Bank for six months starting from February 13, 2025, under which the bank cannot issue any new loans, cannot renew existing loans, cannot accept new deposits, and cannot make any payments.
A withdrawal restriction has been imposed due to the bank's financial irregularities, but eligible depositors will be provided insurance coverage of up to 5 lakh rupees under the Deposit Insurance Scheme, offering partial relief to customers.