New India Co-operative Bank: Mumbai police has arrested Hitesh Mehta, General Manager and Head of Accounts of the New India Cooperative Bank, for allegedly misappropriating Rs 122 crore from the bank.
New India Co-operative Bank: The Reserve Bank of India has permitted depositors of crisis-hit New India Co-operative Bank to withdraw up to Rs 25,000 with effect from February 27. Earlier on February 13, the Central bank had imposed All Inclusive Directions (AID) on New India Co-operative Bank Limited, Mumbai, and the bank was directed not to allow withdrawal of any amount from savings bank or current accounts or any other account of a depositor.
“The Reserve Bank, after reviewing the bank’s liquidity position in consultation with the Administrator, has decided to allow a deposit withdrawal of up to Rs 25,000 per depositor, with effect from February 27, 2025. With above relaxation more than 50 per cent of the total depositors will be able to withdraw their entire balances and the remaining depositors can draw up to Rs 25,000 from their deposit accounts. The depositors may use the branch as well as ATM channel of the bank for this withdrawal, however, aggregate amount that can be withdrawn will be Rs 25,000 per depositor or the balance available in their account whichever is lower,” said RBI in a statement.
Also Read: New India Co-operative Bank update: Will RBI give some relief to depositors?
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