India's central bank said on Monday it would allow depositors of troubled New India Co-operative Bank to withdraw up to 25,000 rupees (about $290) from their accounts. The RBI on Feb. 13 barred the lender from issuing new loans,

This announcement comes just over a week after the central bank prohibited the bank from issuing new loans, dissolved its board and took control owing to ‘supervisory concerns.’

The Reserve Bank of India (RBI) has imposed strict restrictions on Mumbai-based New India Co-operative Bank, barring it from issuing new loans, accepting fresh deposits, or allowing withdrawals for six months.

The Reserve Bank of India (RBI) on Friday superseded the cooperative lender's board for a year and appointed an administrator to manage its affairs.

RBI relaxes restrictions on New India Co-operative Bank, allowing depositors to withdraw up to ₹25,000 from February 27.

The Reserve Bank of India (RBI) has imposed several restrictions on New India Cooperative Bank, including a withdrawal limit of ₹25,000 per depositor. This decision comes as the bank faces continuous financial losses.

The Reserve Bank of India (RBI) has allowed depositors of New India Cooperative Bank to withdraw up to 25,000, easing restrictions imposed earlier due to supervisory concerns. This decision comes over a week after the RBI dissolved the bank's board.

The Reserve Bank of India has relaxed restrictions on New India Co-operative Bank, allowing withdrawals up to Rs 25,000, effective February 27, 2025. This follows an assessment of the bank's liquidity position.

In a move which can alleviate the concerns of many account holders, the Reserve Bank of India (RBI) has allowed depositors of New India Co-operative Bank Limited, Mumbai, to withdraw up to Rs 25,000 from their accounts.