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 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.

The DICGC acts as a crucial safeguard in this scenario, ensuring that depositors of the New India Co-operative Bank are not left entirely out of pocket

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The Economic Offences Wing (EOW) of the Mumbai police is struggling to figure out how accused Hitesh Mehta siphoned depositor money from New India Co-operative Bank and re-lent it to developers off the books.

After the disclosure of the Rs 122 crore scam in India Cooperative Bank, the Reserve Bank of India (RBI) has taken strict action against the bank. RBI has banned both deposits and withdrawals in the bank and suspended the board for 12 months.