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,

The Mumbai police have registered a case against the New India Cooperative Bank's General Manager and Head of Accounts along with his associates for allegedly embezzling Rs 122 crore of funds, officials said on Saturday.

The public sector lender had initially set a base issue size of Rs 1,500 crore, with an option to raise up to Rs 3,500 crore.

However, RBI stated that the bank is allowed to set off loans against deposits subject to the conditions stated in the directions

The Reserve Bank of India (RBI) on Friday superseded the cooperative bank's board for a year and appointed an administrator to manage its affairs

The Reserve Bank of India (RBI) has superseded the Board of Directors of New India Co-operative Bank for 12 months, citing poor governance standards.

Two days after the Reserve Bank of India (RBI) imposed restrictions on the operations of New India Cooperative Bank, a First Information Report (FIR) has been r

Mumbai police investigate embezzlement of ₹122 crore from New India Cooperative Bank, leading to RBI restrictions and board supersession.

Amid growing panic among account holders of New India Co-operative Bank, the Mumbai Police have registered a case against the bank’s former General Manager, Hitesh Praveenchand Mehta, for allegedly siphoning Rs 122 crore from its treasury.

A major scam involving New India Co-operative Bank in Mumbai has come to light, with the bank's General Manager, Hitesh Mehta, accused of embezzling ₹12 crore. The Economic Offences Wing (EOW) is investigating the case,

All requests for withdrawal of funds were turned down, with banners at branch gates saying deposits would be paid back in around 90 days