Mumbai, Feb. 14 -- The Reserve Bank of India (RBI) on Friday took control of the board of Mumbai-based New India Cooperative Bank for a year and appointed former SBI chief general manager Shreekant as the administrator to oversee its operations, media reports said.

This action follows the RBI's decision a day earlier to halt new loan issuance and freeze deposit withdrawals for six months, effective February 13, citing supervisory concerns linked to recent developments.

The measures, according to the central bank, are aimed at safeguarding depositor interests.

The administrator has been tasked with swiftly assessing the situation and working towards reviving normal banking operations.

On Friday, an RBI team engaged in discussions with ...