The decision was taken after reviewing the liquidity situation of the bank in consultation with the administrator.
The Reserve Bank of India implemented all-round instructions (AIDs) on New India Co-operative Bank Limited, Mumbai on 13 February 2025 and directed the bank to have a depositors’ savings bank or current account or any amount from any amount Do not allow withdrawal of. The Reserve Bank then removed the bank’s board and appointed a administrator and advisory committee (COA), as declared in the press release of February 14, 2025. After reviewing the liquidity status of the bank in consultation with the administrator, the Reserve Bank has decided to allow deposit withdrawal of up to ₹ 25,000 (only twenty five thousand rupees) per depositor from February 27, 2025.
Will also be able to remove through ATM
According to the news, with this exemption, more than 50 percent of the total depositors will be able to withdraw their entire balance and the rest of the depositors will be able to withdraw up to ₹ 25,000 from their deposit accounts. Depositors can use the bank branch as well as ATM channel for this withdrawal, however, the total amount that can be withdrawn will be Rs 25,000 per deposit or the balance available in their account.
The board was also disturbed by RBI
RBI dissolved the Board of Directors of New India Co-operative Bank Limited for 12 months this month. RBI has appointed former Chief General Manager of SBI, Shrikanth as administrator of the bank during this period. The Reserve Bank of India has also constituted a committee of advisors to assist the administrator.
The CEO of the bank has been arrested
The Mumbai Police’s Economic Offenses Branch (EOW) has arrested former CEO Abhimanyu Bhoan (45) in the Rs 122 crore fraud case at New India Co-operative Bank. He was associated with the bank since 2008. He was initially the Vice President of the IT of the bank. In 2019, he became the CEO of the bank.
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