The New India Co-operative Bank scam has left customers in a state of confusion, anxiety, and uncertainty about their hard-earned money. The biggest question on their minds—when will they be able to recover their funds? Do they have any immediate legal remedies in case of a financial crisis? Finance experts Mitil Chokshi and Parsh Chokshi weigh in on how the scam unfolded, whether the RBI could have intervened earlier, and the options available to account holders now to reclaim their money.
18 February,2025 10:40 AM IST
The New India Co-operative Bank scam has left customers in a state of confusion, anxiety, and uncertainty about their hard-earned money. The biggest question on their minds—when will they be able to recover their funds? Do they have any immediate legal remedies in case of a financial crisis? Finance experts Mitil Chokshi and Parsh Chokshi weigh in on how the scam unfolded, whether the RBI could have intervened earlier, and the options available to account holders now to reclaim their money.
17 February,2025 10:09 PM IST
In a major shocker, the Reserve Bank of India has imposed stringent restrictions on New India Co-operative Bank, leaving numerous depositors in turmoil. Significant financial irregularities are said to have unfolded behind closed doors that have led to the crisis. What events led to this drastic measure? Take a look.
15 February,2025 09:56 PM IST
Amid the ongoing New India Co-operative Bank controversy, RBI has superseded the Board of Directors of New India Co-operative Bank after imposing the restrictions, the customers' panic is unabated. On 15th February, anxious customers thronged the branches of the bank in Malad East and Kandivali West demanding answers from the authorities over the looming confusion over their savings. While RBI has assured safety of deposits up to Rs. 5 Lakh, uncertainty over reclaims and the fate of deposits exceeding over Rs. 5 lakhs still remain unclear. Customers ask tough questions from the authorities.
15 February,2025 02:47 PM ISTADVERTISEMENT
