India's central bank on Monday revised certain norms for urban co-operative banks (UCBs), with a view of providing them with greater operational flexibility, while meeting regulatory objectives.

A former general manager of New India Co-operative Bank, Hitesh Pravinchand Mehta, was allegedly found involved in siphoning ₹122 crore off the lender. The authorities have arrested three people involved in the case as of February 21.

The Reserve Bank of India has relaxed restrictions on New India Co-operative Bank, allowing withdrawals up to Rs 25,000, effective February 27, 2025. This follows an assessment of the bank's liquidity position.

India's central bank said on Monday it would allow depositors of troubled New India Co-operative Bank to withdraw up to 25,000 rupees (about $290) from their accounts. The RBI on Feb. 13 barred the lender from issuing new loans,

In a move which can alleviate the concerns of many account holders, the Reserve Bank of India (RBI) has allowed depositors of New India Co-operative Bank Limited, Mumbai, to withdraw up to Rs 25,000 from their accounts.

The Reserve Bank of India has allowed New India Co-operative Bank depositors to withdraw a maximum of ₹25,000 starting February 27.

In some relief for depositors of New India Co-Operative Bank, the Reserve Bank of India (RBI) on Monday, February 24, allowed them money withdrawal of upto Rs 25,000. The withdrawal limit relaxation is effective from February 27.