New Delhi, Feb. 21 -- India's central bank, the Reserve Bank of India (RBI), superseded the Maharashtra-based New India Co-operative Bank for the upcoming 12 months on Friday, February 14, after flagging concerns over poor governance standards and irregularities in its core lending operations.

A former general manager of the bank, Hitesh Pravinchand Mehta, was allegedly involved in siphoning Rs.122 crore from the lender and was arrested a day after RBI's intervention in the case.

New India Co-operative Bank's former general manager, Hitesh Pravinchand Mehta, who was also the bank's head of accounts, was arrested on Saturday, February 15, for allegedly siphoning Rs.122 crore from the lender.

The fraud allegedly occurred between 2020 and...