RBI Imposes Curbs on New India Cooperative Bank

CosmicTaco · 2025-02-20T10:45:27.847628+05:30

- RBI has placed Mumbai-based New India Cooperative Bank under restrictions, halting withdrawals and dissolving its board. - The bank, founded in 1968, faces a crisis similar to PMC Bank in 2019, with missing funds and a general manager arrested for alleged embezzlement. - RBI has increased scrutiny on cooperative banks, with enforcement actions rising significantly in recent years. Source: [Mint](https://www.livemint.com/companies/latest-company-news-today-on-february-20-2025-live-updates-11740009613629.html), [Mint](https://www.livemint.com/companies/cooperative-bank-crisis-has-anything-changed-since-pmcs-plight-in-2019-11739971551451.html)

RBI has placed Mumbai-based New India Cooperative Bank under restrictions, halting withdrawals and dissolving its board.
The bank, founded in 1968, faces a crisis similar to PMC Bank in 2019, with missing funds and a general manager arrested for alleged embezzlement.
RBI has increased scrutiny on cooperative banks, with enforcement actions rising significantly in recent years.

Source: Mint, Mint