New India Co-Operative Bank: Reserve Bank of India (RBI) recently relaxed the conditions a few days after imposing several bans on New India Co-operative Bank. Under the relief given by RBI, the bank’s account holders will be able to withdraw up to Rs 25,000 from their savings account from February 27. RBI had imposed several bans on the cooperative bank citing supervisory concerns. The central bank had dissolved the bank’s board of directors for one year.
Most of the 28 branches of the cooperative bank are in Mumbai
Apart from this, former Chief General Manager of State Bank of India (SBI) Shrikant was appointed as the administrator to manage the operations. Most of the 28 branches of this cooperative bank are in Mumbai metropolis. It has two branches in Surat, Gujarat and one in Pune. The Reserve Bank said in a statement that after reviewing the cash position of the bank in consultation with the administrator, it has decided to allow withdrawal of up to Rs 25,000 per depositor from February 27.
With this exemption, more than 50 percent of all depositors will be able to withdraw
their entire outstanding amount. According to the ban imposed by RBI, the bank’s account holders could not withdraw money from their accounts. At that time it was told that these orders will remain in force for the next six months. However, the Reserve Bank has already given some relief in this. While imposing the ban, RBI had said that this ban has been imposed due to concerns about the monitoring of the bank and its cash shortage.
Three accused related to New India Cooperative Bank scam have been arrested. EOW had arrested the bank’s former CEO Abhinay Bhoan in connection with the fraud of Rs 122 crore. Earlier, accused Hitesh Mehta and Dharmesh Paun were also taken into custody. Both were sent to police custody till 28 February. Avinash Bhoan’s role has come to light in the case of missing cash in the preliminary investigation. He was the immediate supervisory officer of Hitesh Mehta.
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