Breaking News: RBI Imposes 6-Month Ban on Transactions at New India Cooperative Bank Due to Irregularities

The New India Cooperative Bank in Andheri, Mumbai, is facing a six-month suspension on financial transactions, including deposits, withdrawals, and loans, after the RBI flagged financial irregularities. The bank had been under RBI's scrutiny for several months due to concerns over its financial operations, including loan processes and balance sheet issues. According to an official notice issued by the RBI, no new financial transactions, loans, or changes to existing loans can take place, and no money can be deposited or withdrawn from savings, FD, or current accounts. However, customers with lockers can still access them. The RBI's intervention came after a detailed investigation into potential financial irregularities within the bank's operations. The suspension, effective from February 13, aims to address these issues and restore financial stability. Customers have expressed frustration and confusion, with many fearing the fate of their hard-earned money locked in the bank.