RBI permits the withdrawal for depositors of New India Co-operative Bank Limited, Mumbai to ?25,000
India, Feb. 24 -- 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of any amount from savings bank or current accounts or any other account of a depositor.The Reserve Bank subsequently superseded the bank's Board and appointed an Administrator and a Committee of Advisors (CoA) as announced vide Press Release dated February, 14, 2025.The Reserve Bank,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 Rs. 25,000 (Rupees Twenty Five Thousand only) per depositor, with effect from February 27, 2025. With above relaxation more tha...
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