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.
Mumbai: RBI Supersedes New India Cooperative Bank Board For 12 Months, Deposit Restrictions Imposed; VIDEO
Mumbai: Thousands of anxious depositors of the New India Cooperative Bank, which was once controlled by the socialists, rushed to its branches in Ghatkopar and other places on Friday following the supersession of its board by the Reserve Bank of India for 12 months because of "poor governance standards.
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Reserve Bank of India superseded the Board of Directors of New India Cooperative Bank Ltd, Mumbai, for a period of 12 months, the central bank said in a statement on Friday, a day after it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.
New India Co-operative Bank crisis: RBI supersedes lender's board for 12 months
The Reserve Bank of India (RBI) on February 14 announced that it has superseded the board of directors of New India Co-operative Bank for a period of 12 months. This comes a day after the central bank barred the Mumbai-based bank from giving out new loans, accepting new deposits and more for a period of six months.
RBI Takes Over New India Co-op Bank: Board Superseded
The Reserve Bank of India (RBI) has superseded the board of New India Co-operative Bank in Mumbai, citing poor governance standards.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 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after imposing business restrictions on the city-headquartered New India Cooperative Bank, the Reserve Bank on Friday superseded the lender’s board citing governance lapses and appointed an administrator to revive it.
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
RBI supersedes New India Co-operative Bank Board for 12 months, appoints administrator
The RBI has superseded the Board of Directors of the Bank for 12 months.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.
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,
RBI imposes curbs on New India Co-Operative bank
India's banking sector is facing fresh turbulence as the Reserve Bank of India has imposed strict restrictions on Mumbai-based New India Cooperative Bank due to liquidity concerns. Watch in for more details!
Panicky customers flock to New India Co-operative Bank branches after RBI restrictions
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.
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