Mumbai
Will RBI pay our money back? Ask angry customers New India Co-op Bank faces ban
14 February,2025 05:08 PM
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.