RBI supersedes Board of New India Co-operative Bank

Explained: Why RBI has imposed curbs on New India Co-operative Bank
The Reserve Bank of India (RBI) has imposed strict restrictions on Mumbai-based New India Co-operative Bank, barring it from issuing new loans, accepting fresh deposits, or allowing withdrawals for six months.
India's central bank supersedes board of New India Co-operative Bank
India's central bank said on Friday it has taken control of the board of New India Co-operative Bank for 12 months, a day after its depositors were barred from withdrawing money from the lender. The action,
RBI Halts Key Operations of New India Co-operative Bank, Supersedes Board—Here’s Why
However, RBI stated that the bank is allowed to set off loans against deposits subject to the conditions stated in the directions
New India Co-operative Bank fraud: Mumbai Police register FIR against ex GM for siphoning ₹122 crore amid RBI curbs
The Mumbai police have registered a case against the New India Cooperative Bank's General Manager and Head of Accounts along with his associates for allegedly embezzling 122 crore
RBI supersedes Board of New India Co-operative Bank; customers in distress
The Reserve Bank of India (RBI) has superseded the Board of Directors of New India Co-operative Bank for 12 months, citing poor governance standards.
EOW Investigates Rs122 Crore Fraud at New India Co-operative Bank
The Economic Offences Wing (EOW) is investigating a Rs122 crore fraud involving Hitesh Pravinchand Mehta, former General Manager of New India Co-operative Bank. Discrepancies in financial records led to a police probe,
New India Co-Operative Bank Case: From PMC Bank To Others, A Look Into Failures Of Co-Operative Lenders In The Past
The series of events leads us into a flashback of the cataclysmic failure of another co-operative bank, Punjab & Maharashtra Cooperative Bank or PMC bank. PMC Bank, which itself was merged with Unity Small Finance Bank, went bust in 2022, ensuing the play similar scenes, that are being witnessed today.
FIR against New India Cooperative Bank GM in $14 million financial fraud
Mumbai: Two days after the Reserve Bank of India (RBI) imposed restrictions on the operations of New India Cooperative Bank, a First Information Report (FIR) has been registered at the Dadar Police Station in Mumbai,
Breaking News: General Manager Involved in ₹12 Crore Scam at New India Co-operative Bank; EOW Investigates
A major scam involving New India Co-operative Bank in Mumbai has come to light, with the bank's General Manager, Hitesh Mehta, accused of embezzling ₹12 crore. The Economic Offences Wing (EOW) is investigating the case,
Spooked by RBI ban, New India Co-op Bank customers throng branches
All requests for withdrawal of funds were turned down, with banners at branch gates saying deposits would be paid back in around 90 days
RBI restrictions on New India Co-op Bank: ‘All our savings stuck in this bank’
Panic gripped customers of New India Co-operative Bank after the Reserve Bank of India (RBI) imposed severe restrictions on withdrawals for six months due to concerns over the bank’s financial stability.
Why is Reserve Bank of India buying so much gold, why is India storing tonnes of gold? Is Modi govt preparing for some crisis?
According to the report by the World Gold Council, the Reserve Bank of India (RBI) purchased an additional 8 tons of gold in ...
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EOW Takes GM Hitesh Mehta Into Custody As Investigation Deepens Into New India Cooperative Bank
The EOW team took Mehta into custody and reached the EOW office. The arrest took place after the authorities investigated the ...
India central bank's actions spur volatility, boost option volumes
The Indian rupee has seen an increase in volatility after the central bank's unexpected and aggressive intervention in the ...
New India Cooperative Bank General Manager arrested for ‘misappropriation’ of ₹122 crore
Mumbai police investigate embezzlement of ₹122 crore from New India Cooperative Bank, leading to RBI restrictions and board ...
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Reserve Bank Slaps Penalties on Non-Compliant Banks
The Reserve Bank of India has imposed penalties totaling Rs 68.1 lakh on Nainital Bank, Ujjivan Small Finance Bank, and ...
India Central Bank Intervenes to Curb Speculative Rupee Bets
The Reserve Bank of India intervened in the foreign exchange market this week to curb speculation in the rupee, according to ...
India's central bank doubles bond purchase to manage liquidity deficit
India's central bank on Monday said it will double the quantum of security purchases under its next tranche of open market ...
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CPI inflation falling for third consecutive month opens room for the Reserve Bank of India to cut rates again in April
The Indian central bank helmed by RBI Governor Sanjay Malhotra is expected to cut policy rate again in April on diminishing ...