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Reserve Bank takes control of New India Co-op Bank
The New Indian Express Vellore
|February 15, 2025
THE Reserve Bank has sacked the board of the city-based New India Co-operative Bank and has appointed Shreekant, former chief general manager of SBI, as the administrator.
This development comes a day after banning it from disbursing new loans and from taking deposits and banning its depositors from taking out their money for next six months. In an order dated Feb 13, the RBI said, "From the close of business on Feb 13, 2025, the bank shall not, without prior nod of RBI in writing, grant or renew any loans/advances, make any investment, incur any liability including borrowing funds and acceptance of fresh deposits, disburse or agree
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