The Reserve Bank of India (RBI) has relaxed withdrawal restrictions for depositors of New India Co-operative Bank Limited, Mumbai. From February 27, 2025, depositors can withdraw up to Rs 25,000 per account holder, bringing relief to many affected customers.
The move follows All-Inclusive Directions (AID) imposed on February 13, 2025, restricting withdrawals. The RBI later superseded the bank’s Board and appointed an Administrator and a Committee of Advisors (CoA) on February 14, 2025.
After reviewing the bank’s liquidity with the Administrator, the RBI decided to allow limited withdrawals.
This enables over 50% of depositors to withdraw their entire balances, while others can withdraw up to Rs 25,000 or their available balance, whichever is lower. Withdrawals are possible via branches and ATMs.
The CoA has been reconstituted, effective February 25, 2025, and now includes, Ravindra Sapra – Former General Manager, State Bank of India, Ravindra Tukaram Chavan – Former Deputy CGM, Saraswat Co-operative Bank and Anand M Golas – Chartered Accountant.
Shreekant remains the Administrator overseeing operations.
The RBI assures depositors it is closely monitoring the situation and will take necessary actions to safeguard their interests.
