RBI supersedes Board of New India Co-operative Bank

India's central bank supersedes board of New India Co-operative Bank
India's central bank said on Friday it has taken control of the board of New India Co-operative Bank for 12 months, a day after its depositors were barred from withdrawing money from the lender. The action,
RBI supersedes New India Co-operative Bank board for 12 months after imposing restrictions over lending irregularities
RBI’s action was necessitated due to certain material concerns emanating from poor governance standards observed in the Mumbai-headquartered New India Co-operative Bank.
RBI supersedes New India Co-operative Bank Board for 12 months, appoints administrator
The RBI has superseded the Board of Directors of the Bank for 12 months. It has appointed Shreekant, former Chief General Manager (CGM) of SBI, as the Administrator to manage the bank’s affairs during the period.
Factbox-India's central bank begins unwinding curbs on NBFCs and banks
The Reserve Bank of India has started to ease curbs on non-banking financial companies (NBFCs) and banks after they improved their compliance following a series of supervisory restrictions. High interest rates and tighter regulations have been cited as contributors to weak demand and a slowdown in India's economic growth,
New India Co-Operative Bank Case: From PMC Bank To Others, A Look Into Failures Of Co-Operative Lenders In The Past
The series of events leads us into a flashback of the cataclysmic failure of another co-operative bank, Punjab & Maharashtra Cooperative Bank or PMC bank. PMC Bank, which itself was merged with Unity Small Finance Bank, went bust in 2022, ensuing the play similar scenes, that are being witnessed today.
India's Central Bank Cuts Repo Rate for First Time in Nearly 5 Years
(Reuters) -The Reserve Bank of India (RBI) reduced its key repo rate on Friday for the first time since May 2020, aiming to provide stimulus to the sluggish economy, which is projected to grow at its slowest pace in four years during the current fiscal year.
RBI Restricts New India Cooperative Bank Businesses. Here's What Customers Must Do Now
These directions came into effect on from the close of business on Thursday and are expected to remain in force for a period of six months, subject to review.
RBI supersedes board of Mumbai-based New India Co-op Bank
A day after imposing several restrictions on Mumbai-based New India Co-operative Bank, the Reserve Bank of India (RBI) on Friday superseded its board citing poor governance standards, news agency PTI reported.
RBI imposes curbs on New India Co-Operative bank
India's banking sector is facing fresh turbulence as the Reserve Bank of India has imposed strict restrictions on Mumbai-based New India Cooperative Bank due to liquidity concerns. Watch in for more details!
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India's central bank cuts rates for the first time in nearly five years, forecasts faster growth next year
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