The Reserve Bank of India (RBI) has imposed stringent restrictions on New India Co-operative Bank Limited, Mumbai, citing serious financial concerns. The central bank has barred the lender from undertaking key financial activities without prior approval,

A day after imposing several restrictions on city-based New India Co-operative Bank, the RBI on Friday superseded its board citing poor governance standards.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,

Reserve Bank of India superseded the Board of Directors of New India Cooperative Bank Ltd, Mumbai, for a period of 12 months, the central bank said in a statement on Friday, a day after it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.

The Reserve Bank of India (RBI) has superseded the board of New India Co-operative Bank in Mumbai, citing poor governance standards.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.

The RBI has superseded the Board of Directors of the Bank for 12 months. It has appointed Shreekant, former Chief General Manager (CGM) of SBI, as the Administrator to manage the bank’s affairs during the period.

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

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.

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.

People gathered outside the New India Co-operative Bank after the RBI issued a notice to halt all business on 14.Seema Waghmare, a customer of the New India Co-operative Bank, said, "We deposited money just yesterday,