Business desk: The Reserve Bank of India (RBI) on Monday gave great relief to the customers of New India Co-operative Bank. Now the bank depositors will be able to withdraw up to a maximum of Rs 25,000 per account holder from 27 February 2025.
This relief came at a time when the RBI imposed strict restrictions on the bank about two weeks ago, including a complete prohibition on completely withdrawal.
RBI relaxed the prohibition on withdrawal
The Reserve Bank had expressed concern about the financial stability of the bank after the Rs 122 crore scam was revealed on 13 February 2025 in the bank.
After this, the RBI had implemented all-incubated Directions (AIDs) on the bank, due to which the deposits were unable to withdraw any of their funds. Now after improving the bank’s cash situation, the RBI decided to provide withdrawal facility to customers.
How much withdrawal is allowed to which customer
Now, the central bank has clarified that the bank depositors will be allowed to withdraw on the basis of their deposits.
Rs 25,000 or less customers with deposits: They will be able to withdraw their entire amount. Customers with more than Rs 25,000 deposits: They will be able to withdraw up to a maximum of Rs 25,000. More than 50% account holder: whose deposit amount is more than Rs 25,000 , They will be able to withdraw their entire amount, provided their withdrawal limit will be up to Rs 25,000.
ATM withdrawal facility
Now, customers of New India Co-operative Bank have also been allowed to use the bank’s ATM or other bank ATM to withdraw their money. This will make it easier for customers to withdraw money, and will reduce the congestion in the bank branches.
Appointment and restructuring of bank board
The RBI had previously dissolved the Board of New India Co-operative Bank and appointed a new Administrator and Committee of Advisors (COA).
This committee consists of State Bank of India (SBI) and former senior officials of Saraswat Co-operative Bank. The RBI has said that it is constantly monitoring the situation and will take necessary steps according to further situation.