New Delhi, Feb. 15 -- The Reserve Bank of India (RBI) superseded the board of Maharashtra-based New India Co-operative Bank for 12 months, one day after imposing several restrictions, due to poor governance standards and irregularities in its lending business. The RBI has barred account holders and depositors from withdrawing money from the lender for six months.

In its instructions against the bank, the RBI said,"It is hereby notified for information of the public that the RBI has issued certain Directions to New India Co-operative Bank Limited, Mumbai ("the bank"), whereby, as from the close of business on February 13, 2025, the bank shall not, without prior approval of RBI in writing, grant or renew any loans and advances."

According...