Mumbai8 minutes ago
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A security personnel monitoring a deserted New India Cooperative Bank in Mumbai.
In the case of New India Cooperative Bank, Mumbai Police has registered a case against a person named Hitesh Mehta. Hitesh Mehta has been the general manager of New India Cooperative Bank and head of the account department. It is alleged that Hitesh Mehta, along with his colleague, has embezzled Rs 122 crore from Prabhadevi and Goregaon branch of the bank.
The case has been transferred to the Economic Offenses Branch of Mumbai Police (EOW). A case has been registered against the accused under Section 316 (5) 61 (2) Kod 2023. Earlier on Friday, RBI has removed the Board of New India Cooperative Bank for 12 months.
Deposit and withdrawal on deposits due to non -compliance of rules On Thursday (January 13), RBI had banned deposits and withdrawal in the bank for not following the rules. Now the bank will not be able to release a new loan. Account holders are confused about when their money will be received.
RBI action in view of the current cash situation
The Reserve Bank said that in view of the current cash situation of the bank, it has been instructed not to allow the withdrawal of any amount from the depositors’ savings bank or current accounts or any other account. However, it is allowed to spend on some essential things like salary, rent and electricity bills.
RBI’s ban will be effective for six months
RBI will continue to monitor the position of the bank and modify these instructions to ensure safety of the interests of the depositors. These restrictions will be effective for six months from February 13, 2025.
Depositors will be able to take claims up to Rs 5 lakh
The RBI said that the Eligible Depositors Depositors Deposit Insurance and Credit Guarantee Corporation will be entitled to get a deposit insurance claim amount up to Rs 5 lakh. At the end of March 2024, the cooperative bank had a deposit of Rs 2436 crore.
Earlier, PMC bank was also banned
Earlier in 2019, when the PMC Bank scam came to light, in September 2019, the Reserve Bank abolished the Board of Directors of PMC Bank and also imposed several restrictions on the bank. The RBI then decided to run it as a small finance bank.
PMC Bank’s NPA was 9%. Bank stated 1%
According to reports, PMC Bank had a non -performing asset ie NPA 9%, but the bank showed it only 1%. PMC Bank showed a bogus deposit of Rs 250 crore in its system. The bank gave a large number of new loans to NPA -making companies such as DHFL and HDIL. These loans were given in the name of relatives or partners of directors of these companies. Fake deposits were shown to increase the bank’s loan book.
