rbi

The Reserve Bank of India (RBI) has imposed strict restrictions on New India Co-operative Bank, preventing it from conducting fresh business transactions. Customers are also unable to withdraw their deposits due to regulatory concerns. The decision, taken under the Banking Regulation Act, aims to safeguard financial stability and protect depositors’ interests. The RBI’s intervention highlights governance and liquidity issues within the bank, with potential outcomes including restructuring or a possible merger. Depositors are advised to stay updated on further developments and explore alternative banking options.