Mumbai: The tension of the customers of New India Co-operative Bank has increased. Now they are not even able to withdraw their money deposited in the bank. Let us tell you that recently the Reserve Bank of India (RBI) has imposed many restrictions on the New India Co-operative Bank which is continuously running in loss.
This also includes withdrawal of money by depositors. After the instructions of the Reserve Bank, the ban on closing the business of New India Co-operative Bank came into effect from February 13 and will remain in force for the next six months.
According to the RBI statement, in view of the current cash position of the bank, instructions have been given not to allow withdrawal of any amount from the savings or current account or any other account of the depositors.
Out of the 1.3 lakh depositors of this Mumbai based bank, more than 90 percent have deposits up to Rs 5 lakh in their accounts. Let us tell you that most of the 28 branches of this cooperative bank are in Mumbai metropolis. It has two branches in Surat, Gujarat and one branch in Pune.
Quick action in the case
Let us tell you that the Reserve Bank of India had found some flaws in the investigation of the accounts of New India Co-operative Bank. Last Friday, the RBI dissolved the bank’s board for one year and appointed an administrator to handle the affairs. A committee of advisors was also appointed to assist the administrator.
After this, Mumbai Police registered a case of alleged embezzlement of Rs 122 crore against the General Manager and Accounts Head of New India Co-operative Bank and their associates. Now a Mumbai court has extended the police custody of Hitesh Mehta, the main accused in the New India Co-operative Bank embezzlement case, till February 28.
The court has also sent the bank’s former CEO Abhimanyu Bhoan to police custody till February 28. The Economic Offenses Wing of Mumbai Police is investigating the case. Mehta, the bank’s general manager and head of the accounts department, is accused of embezzling Rs 122 crore from the bank’s treasury at different times.
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