Brief by Shorts91NewsDesk / 12:19pm on 14 Feb 2025,Friday India
The Reserve Bank of India (RBI) has superseded the board of directors of New India Co-operative Bank for 12 months and appointed Shreekant, a former SBI Chief General Manager, as an administrator. This follows concerns regarding the bank's liquidity. Restrictions have been placed, including limitations on deposit withdrawals, with eligible depositors entitled to a deposit insurance claim of up to Rs 5 lakh from DICGC. Customers have expressed frustration due to lack of communication while trying to access their funds and services. The RBI’s actions came after supervisory issues with the bank's operations.
