RBI Stops Withdrawals at New India Co-op Bank: Here’s What Depositors Can Do
The Reserve Bank of India (RBI) has restricted Mumbai-based New India Co-operative Bank from allowing withdrawals for six months due to financial concerns. Depositors cannot withdraw money from their savings or current accounts, but loans may be adjusted against deposits. The bank is also barred from issuing new loans or accepting fresh deposits. However, customers can claim up to ₹5 lakh through the Deposit Insurance and Credit Guarantee Corporation (DICGC). An online tracker, Daava Soochak, helps depositors check their claim status easily.
