New India Co-Operative Bank: After the disclosure of Rs 122 crore scam in India Cooperative Bank, the Reserve Bank of India (RBI) has taken strict action against the bank. RBI has banned both deposits and withdrawals in the bank and suspended the board for 12 months.
Hitesh Mehta, the general manager of the bank, who is believed to be responsible for this scam, has been taken into custody. This action of RBI has created panic among the account holders of the bank. People are worried about their deposited money, because many customers had deposited their entire savings in this bank. Now they are facing the problem of meeting EMI, school fees and other expenses. Think once, if this bank closes down, how much money will these account holders get? What does the RBI rule say about this? Today we are going to know this.
After the scam, the biggest worry of the account holders is that their deposited money may get completely lost. Some account holders fear that Hitesh Mehta might have illegally withdrawn money by breaking into their accounts. Customers are confused about the safety of crores of rupees deposited in the bank. The customer support system and mobile app of New India Cooperative Bank are also not working. Due to this, customers are also facing difficulty in knowing the status of their accounts.
As per RBI’s instructions, bank customers will not be allowed to withdraw money. However, payments can be made from the bank for essential things like salary, rent and electricity bills. These restrictions have come into effect from February 13, 2025, which will remain in effect for the next six months.
This is the rule of RBI
The Reserve Bank has also clarified that eligible depositors will get a maximum guarantee of Rs 5 lakh under the Deposit Insurance and Credit Guarantee Corporation (DICGC). That is, if a customer has Rs 10 lakh deposited in his account, then he will have the right to claim only up to Rs 5 lakh.
As of the end of March 2024, the bank had a total deposit of Rs 2436 crore. However, until the RBI audit process is completed, customers will not be allowed to withdraw their entire deposits.
This is the new update.
Former Chief General Manager of State Bank of India (SBI), Srikant, has been given the responsibility of looking after the daily functioning of New India Cooperative Bank. Further strategy will be worked out by RBI to restructure the bank and protect the interests of the customers. The depositors of the bank need to be patient for now. Only after the investigation of RBI, the way forward will be clear whether they will be able to withdraw their entire amount or not. Customers who have deposits of less than Rs 5 lakh in the bank are likely to get insurance claim under DICGC.
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