RBI removes Restrictions on New India Co-operative Bank, Customers can withdraw their money from Bank
The Reserve Bank of India (RBI) had imposed All-Inclusive Directions (AID) on New India Co-operative Bank Limited, Mumbai, on February 13, 2025, restricting withdrawals from savings, current, and other accounts. Subsequently, the RBI superseded the bank’s Board, appointing an Administrator and a Committee of Advisors (CoA) as announced in a press release on February 14, 2025.
Withdrawal Limit Increased to ₹25,000
After assessing the bank’s liquidity in consultation with the Administrator, the RBI has decided to allow withdrawals of up to ₹25,000 per depositor, effective February 27, 2025. This relaxation will enable more than 50% of the bank’s depositors to withdraw their full balances, while others can withdraw up to ₹25,000. Withdrawals can be made through both branches and ATMs, but the total amount per depositor cannot exceed ₹25,000 or the available account balance, whichever is lower.
Reconstitution of Committee of Advisors
Following a review, the Committee of Advisors (CoA) to the Administrator has been reconstituted, effective February 25, 2025. The new members are:
- Shri Ravindra Sapra – Former General Manager, State Bank of India
- Shri Ravindra Tukaram Chavan – Former Deputy CGM, Saraswat Co-operative Bank Ltd.
- Shri Anand M Golas – Chartered Accountant
There is no change in the Administrator, Shri Shreekant. The RBI continues to monitor the situation closely and will take necessary steps to protect the interests of depositors.
