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The RBI has imposed six-month curbs on the Mumbai-based bank due to financial stability and liquidity concerns. Depositors cannot withdraw funds and the bank cannot issue loans, accept deposits, or sell assets without prior approval. The Reserve Bank of India has placed restrictions on New India Co - operative Bank of Mumbai, citing liquidity concerns. With deposits amounting to Rs 2436 crores at the end of March 2024, the bank is now prohibited from granting loans, renewing advances, or accepting new deposits starting February 13, 2025, to safeguard depositors' interests. The Reserve Bank of India has imposed severe restrictions on Mumbai's New India Co - operative Bank due to detected irregularities. Now the customers of this are unable to withdraw funds,... A Mumbai court has denied bail to Hitesh Mehta, the primary accused in the Rs 122 crore embezzlement case involving New India Co-Operative Bank , citing the serious nature of the offence and the ...
