PANICKY CUSTOMERS FLOCK TO NEW INDIA COOPERATIVE BANK BRANCHES AFTER RBI RESTRICTIONS

Customers rushed to New India Co-operative Bank branches after the RBI imposed restrictions on withdrawals.

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Customers gathered in hundreds outside Mumbai headquartered New India Co-operative Bank Limited branches to withdraw their hard-earned savings, soon after the Reserve Bank of India imposed several restrictions on the lender. Panicky account holders converged outside the bank branches spread across Mumbai city, worried over the fate of their bank savings and lockers. Ashok Shetty, an account holder, talking to ANI outside a branch, said, “I am finding it difficult to meet my daily needs. I withdraw money regularly (from this bank) for my needs. I have to pay the fees of my wards, and I need money for it. Bank officials here are saying we won’t get any money for six months... I have Rs 6 lakh in this bank.” Another account holder, a senior citizen, said, “Hardship is obvious as the Bank got closed. I wanted to withdraw money but could not. I have filled a cheque, let’s see if gets through.” He said he has a bank balance of about Rs 1 lakh. Facing difficulties in withdrawing money, Naveen, another senior citizen, said, “Even if they allow us to update our passbook, that is also fine for us. It would be easier for us to later make our complaints and claims later.” “I want to ask them why are bothering so many of us. Look, do you see any big businessman queuing here, all are regular citizens,” he said, pointing to the gathering outside the bank where he was standing. Kiran Reddy, another customer of the bank for over four decades, said, “This bank got closed. How will we trust big banks? Why do we park our money here?... There has been no communication from the bank since the news broke out.” Seema Waghmare, who holds an account at the New India Co-operative Bank said, “We deposited money just yesterday, but they did not say anyt