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.
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.
EOW Investigates Rs122 Crore Fraud at New India Co-operative Bank
The Economic Offences Wing (EOW) is investigating a Rs122 crore fraud involving Hitesh Pravinchand Mehta, former General Manager of New India Co-operative Bank. Discrepancies in financial records led to a police probe,
RBI Imposes Restrictions On New India Co-operative Bank Over Rs 122 Crore Fraud
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.
New India Co-operative Bank Row: EOW Arrests Former GM Hitesh Mehta For Alleged ₹122 Crore Fraud
The police suspect that Hitesh Mehta and another unidentified individual were involved in orchestrating the fraud.
New India Cooperative Bank GM arrested in Rs 122 crore scam case
Hitesh Mehta, the general manager of New India Cooperative Bank, was arrested by Mumbai police for allegedly embezzling Rs 122 crore. The case, initia
Former New India Cooperative Bank GM arrested by EOW
Hitesh Mehta was on Saturday evening arrested by the Economic Offences Wing (EOW) of Mumbai Police, the officials said. Mehta was initially detained by the police following a raid at his residence in Dahisar area of Mumbai,
Spooked by RBI ban, New India Co-op Bank customers throng branches
All requests for withdrawal of funds were turned down, with banners at branch gates saying deposits would be paid back in around 90 days
RBI supersedes New India Cooperative Bank board, appoints administrator amid fund misuse allegations
The Reserve Bank of India (RBI) on Friday took control of the board of Mumbai-based New India Cooperative Bank for a year and appointed former SBI chief general manager Shreekant as the administrator to oversee its operations,
RBI restrictions on New India Co-op Bank: Angry customer asks questions
As the RBI`s restrictions on the New India Cooperative Bank entered its second day, angry customers gathered outside multiple bank branches in parts of Mumbai, grappling with uncertainty over their finances are trying to seek answers to their questions.
RBI supersedes New India Co-operative Bank board for 12 months after imposing restrictions over lending irregularities
A day after imposing several restrictions on city-based New India Co-operative Bank, the RBI on Friday superseded its board citing poor governance standards. A large number of bank's customers had gathered at its branches on Friday following RBI's restrictions,
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Former New India Cooperative Bank GM arrested in Rs 122 Crore bank fraud case
Two days after the Reserve Bank of India (RBI) imposed restrictions on New India Cooperative Bank (NICB), the Economic Offences Wing (EOW) of the Mumbai police on Saturday arrested its former General ...
New India Co-operative Bank fraud case: How will the RBI crackdown impact account holders, depositers?
In its instructions against the bank, the RBI said,"It is hereby notified for information of the public that the RBI has ...
Mumbai police arrest ex-GM of New India Cooperative Bank in Rs 122 crore fraud case
Hitesh Mehta, the former general manager of New India Cooperative Bank, has been accused of hatching a criminal conspiracy ...
New India Cooperative Bank General Manager arrested for ‘misappropriation’ of ₹122 crore
Mumbai police investigate embezzlement of ₹122 crore from New India Cooperative Bank, leading to RBI restrictions and board ...
India Today on MSN3h
Mumbai bank scam: Employee reveals how RBI uncovered Rs 122 crore cash shortfall
A routine audit at New India Cooperative Bank uncovered a Rs 122-crore cash shortfall. A senior bank employee’s statement, ...