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The RBI has placed strict restrictions on New India Co-operative Bank, limiting withdrawals and other banking operations. Here’s what depositors need to know about accessing their funds, claim procedures, and the bank’s future.
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The RBI has imposed restrictions on New India Co-operative Bank, barring it from granting loans, making investments, or allowing withdrawals due to financial concerns. Depositors can claim up Rs 5 lakh under DICGC.
According to the statement, the exhibition aims to provide a platform for rural artisans and entrepreneurs to showcase their products in the urban market
14 February,2025 05:23 PM IST | Mumbai | mid-day online correspondentThe RBI has imposed restrictions on New India Co-operative Bank, barring it from granting loans, making investments, or allowing withdrawals due to financial concerns. Depositors can claim up Rs 5 lakh under DICGC.
14 February,2025 05:18 PM IST | Mumbai | mid-day online correspondentLocals, shocked by the revelation, say the so-called ‘pay and park’ facility has been operating for over 15 years—only to be exposed as entirely illegal
14 February,2025 04:34 PM IST | Mumbai | Aishwarya IyerDuring the block period, all up and down fast line trains will run on slow lines between Goregaon and Borivali stations, the Western Railway said
14 February,2025 04:11 PM IST | Mumbai | mid-day online correspondentRam Patkar said that he met with Fadnavis earlier this week and submitted a memorandum of demands to improve the region's infrastructure
14 February,2025 02:57 PM IST | Thane | mid-day online correspondentADVERTISEMENT
Maharashtra Deputy Chief Minister Eknath Shinde on Friday inaugurated Vrukshavalli 2025 and called on all residents of Thane, especially students, to plant at least one tree and take care of it. Pics/TMC
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14 February,2025 02:54 PM IST | Mumbai | mid-day online correspondent
Thane’s Gaymukh will soon house the state’s largest waste-to-fertiliser project, contributing to sustainability and urban development. Minister Pratap Sarnaik oversees crucial infrastructure upgrades, including sports complexes, heritage sites, and green spaces.
14 February,2025 02:32 PM IST | Mumbai
Western Railway announces the operation of two pairs of special trains between Valsad-Danapur and Sabarmati-Banaras for Maha Kumbh Mela 2025 to accommodate the extra rush of passengers.
14 February,2025 02:02 PM IST | Mumbai
The Reserve Bank of India has imposed strict restrictions on New India Co-operative Bank, barring withdrawals and new deposits. Customers are left anxious as they await clarity on their funds
14 February,2025 01:26 PM IST | Mumbai | mid-day online correspondent
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As Mumbai-based New India Co-operative Bank faces crisis, mid-day went on the ground to the New India Co-operative Bank branch in Santacruz East to gauge the reaction of the flustered public who have their money deposited in the bank. On 13th February, RBI issued an order barring the Mumbai-based bank from conducting futher business. No new loans can be issue, withdrawals have been suspended for six months due to liquidity concerns. While this should not be seen as a cancellation of banking license by RBI, nervous customers gathered outside the bank branches with the hope of withdrawing their hard-earned money. Many customers here have their savings tied up in the bank. People are worried about thier locked funds - their hard-earned money which they accumulated over the years. Uncertainty and frustration can be seen as customers are unsure when they will be able to access their money from the bank.
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