In a press release, the central bank stated that after assessing the bank’s liquidity situation in coordination with the appointed administrator, it has decided to ease withdrawal restrictions. This move will allow over 50% of depositors to withdraw their entire account balance, while others can access up to ₹25,000 from their deposits.
Withdrawals can be made through both branch and ATM channels, with the limit being the lesser of ₹25,000 or the available account balance, as per RBI guidelines.
Earlier, on February 13, the RBI had imposed stringent restrictions on the bank, prohibiting it from issuing fresh loans, suspending withdrawals for six months, and appointing an administrator due to concerns over its financial health.
Also Read | RBI Launches ‘RBIDATA’ App for Easy Access to Economic and Financial Data
As of March 31, 2024, New India Co-operative Bank reported total deposits of ₹2,436 crore and outstanding advances amounting to ₹1,175 crore.
