"Customers in Panic as RBI Imposes Withdrawal Ban on New India Co-operative Bank

"Customers in Panic as RBI Imposes Withdrawal Ban on New India Co-operative Bank

The Reserve Bank of India (RBI) has imposed stringent restrictions on New India Co-operative Bank, including a six-month ban on withdrawals, due to concerns about the bank's financial stability. This move has caused widespread panic among customers, many of whom gathered outside branches seeking clarification on the situation.

The RBI's announcement stated that the Mumbai-based bank would not be allowed to issue new loans, make investments, or borrow funds, citing supervisory concerns and liquidity issues. These restrictions took effect at the close of business on Thursday and will last for six months, though they are subject to review. However, the central bank did not provide specific details on the reasons behind the sudden action.

Videos surfaced online showing anxious customers rushing to the bank's branches. Many depositors expressed distress over the unexpected restrictions, as they rely on their bank accounts for daily financial transactions, bill payments, and loan EMIs. Seema Waghmare, a customer, voiced her frustration, saying, “We deposited money just yesterday, but they didn’t inform us about this. Now, they say we’ll get our money within three months. We have EMIs to pay and no idea how we’ll manage.” Another customer, Bhanumati, shared her concern, stating, "The bank didn't tell us anything... I’ve had an account here for 32-35 years. I was about to open an FD, but luckily I didn’t."

Despite the withdrawal ban, the RBI has allowed the bank to use existing deposits to offset loans under certain conditions. The bank is also permitted to incur essential expenses like employee salaries, rent, and utility bills to maintain basic operations.

This action is part of a series of regulatory measures by the RBI aimed at addressing liquidity and compliance issues in smaller financial institutions. The situation at New India Co-operative Bank will be closely monitored, with its future uncertain."

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