RBI supersedes Board of New India Co-operative Bank

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.
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.
RBI supersedes New India Coop Bank board; fund misappropriation led to action
A day after imposing business restrictions on the city-headquartered New India Cooperative Bank, the Reserve Bank on Friday superseded the lender’s board citing governance lapses and appointed an administrator to revive it.
Mumbai: RBI Supersedes New India Cooperative Bank Board For 12 Months, Deposit Restrictions Imposed; VIDEO
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
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
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RBI restricts New India Co-operative Bank, freezes customer withdrawals
Reserve Bank of India (RBI) imposes restrictions on New India Co-operative Bank, limiting operations and withdrawals.
RBI supersedes New India Cooperative Bank board for 12 months
Reserve Bank of India superseded the Board of Directors of New India Cooperative Bank Ltd, Mumbai, for a period of 12 months, the central bank said in a statement on Friday, a day after it imposed several restrictions on the lender.
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RBI Takes Over New India Co-op Bank: Board Superseded
The Reserve Bank of India (RBI) has superseded the board of New India Co-operative Bank in Mumbai, citing poor governance standards.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.
RBI supersedes New India Co-operative Bank board for 12 months after imposing restrictions over lending irregularities
A day after imposing several restrictions on city-based New India Co-operative Bank, the RBI on Friday superseded its board citing poor governance standards. A large number of bank's customers had gathered at its branches on Friday following RBI's restrictions,
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