The Reserve Bank of India (RBI) has superseded the Board of Directors of New India Co-operative Bank for 12 months, citing poor governance standards.

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.

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 collapsed in Mumbai today. RBI barred the bank from offering new loans, and deposits. Depositors can't withdraw deposits. Hope ordinary people are paid back on time and the culprits behind this is brought to justice. pic.twitter.com/mfWDe3tF5c

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,

The RBI action on New India Co-operative Bank was prompted by alleged misappropriation of funds by the lender's staffers, sources said on Friday. Over 90 per cent of the city-based bank's 1.3 lakh depositors have up to Rs 5 lakh in their accounts,

The Reserve Bank of India (RBI) has superseded the board of New India Co-operative Bank in Mumbai, citing poor governance standards. The bank faces restrictions on withdrawals and loan issuance.

Reserve Bank of India (RBI) imposes restrictions on New India Co-operative Bank, limiting operations and withdrawals.

Account holders in thousands gathered outside Mumbai-headquartered New India Co-operative Bank Limited branches to withdraw their hard-earned savings, soon after the Reserve Bank of India put several restrictions on the lender.

The Reserve Bank of India (RBI) has restricted Mumbai-based New India Co-operative Bank from issuing loans, accepting deposits, or permitting withdrawals for six months. The move comes amid concerns over the bank's financial health and liquidity.