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RBI took action against New India Co-operative Bank due to allegations of rigging of funds by bank employees. Mumbai -based bank -based bank has deposits up to five lakh rupees in accounts of more than 90 percent. In such a situation, they will be able to get their full money through deposit insurance.
Mumbai . RBI took action against New India Co-operative Bank due to allegations of rigging of funds by bank employees. Mumbai -based bank -based bank has deposits up to five lakh rupees in accounts of more than 90 percent. In such a situation, they will be able to get their full money through deposit insurance. According to sources, the Reserve Bank of India had found some flaws in the investigation of the accounts of New India Co-operative Bank. After this, the Chief Compliance Officer (CCO) of the bank contacted the Economic Offenses Branch of Mumbai Police.
He said that the matter is related to the misuse of funds by some bank employees, although he did not disclose the total amount or identity of the people involved. The RBI had imposed several sanctions on the New India Co-operative Bank, including withdrawal of funds by depositors. The Reserve Bank's instructions will be applicable for six months. RBI said, in view of the current cash situation of the bank, it has been instructed not to allow the withdrawal of any amount from the depositors' savings bank or current accounts or any other account. The bank can spend some essential items like salaries, rent and electricity bills of employees.
Disclaimer: Prabhasakshi has not edited this news. This news has been published from the feed of PTI-language.
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