MUMBAI, India, Feb. 24 -- Reserve Bank of India issued the following press release:
Reserve Bank of India on February 13, 2025 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The Reserve Bank subsequently superseded the bank's Board and appointed an Administrator and a Committee of Advisors (CoA) as announced vide Press Release dated February, 14, 2025.
The Reserve Bank, after reviewing the bank's liquidity position in consultation with the Administrator, has decided to allow a deposit withdrawal of upto ₹25,000 (Rupees Twenty Five Thousand only) per dep...