Housing societies also affected by New India Cooperative Bank curbs

Not only individual account holders, but housing societies, too, have been caught on the wrong foot by the alleged embezzlement of funds at the New India Cooperative Bank and the resultant imposition of the Reserve Bank of India (RBI) curbs on withdrawal.

- Ateeq Shaikh

MUMBAI:

On February 24, after assessing the bank's liquidity position, the RBI had permitted all account holders to draw up to ₹25,000 only. For a cooperative housing society, managing finances is a challenge, especially when the maintenance and other collections are not synced with the rising expenditures as well as inflation rate.