New India Co Operative Bank | RBI Imposes Restrictions On Cash-Strapped New India Co-Operative Bank
The Reserve Bank of India has imposed severe restrictions on Mumbai's New India Co-operative Bank due to detected irregularities. Now the customers of this are unable to withdraw funds, and the bank has been barred from offering new loans or deposits. However, depositors are covered under the Deposit Insurance Scheme, with up to Rs 5 lakh protected in case of the bank's collapse.
