India, March 10 -- Not only individual account holders, but housing societies, too, have been caught on the wrong foot by the alleged embezzlement of funds at the New India Cooperative Bank and the resultant imposition of the Reserve Bank of India (RBI) curbs on withdrawal.

For a cooperative housing society and its office bearers, managing finances remains a challenge, especially when the maintenance and other collections are not synced with the rising expenditures as well as inflation rate.

One of the housing societies impacted with the Reserve Bank of India's curbs on the bank is Jeevan Dhara Cooperative Housing Society in Kandivali.

"The bank is right opposite to our society. It was very convenient for us to operate an account there...