The Reserve Bank of India (RBI) has announced a major development for depositors of New India Co-operative Bank. Starting February 27, 2025, depositors will be allowed to withdraw up to Rs 25,000 from their accounts. This decision comes after the RBI took steps to address the liquidity crisis at the Mumbai-based bank.
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| RBI Allows Rs 25,000 Withdrawal for Bank Depositors |
This relaxation will benefit more than 50% of the bank's depositors, allowing them to withdraw their full balance. Depositors can access their funds through the bank’s branches and ATMs, with the total withdrawal capped at Rs 25,000 or the balance available in their accounts, whichever is lower.
RBI Eases Withdrawal Restrictions for New India Co-op Bank, Allows Rs 25,000 Withdrawal:
- RBI allows up to Rs 25,000 withdrawal from New India Co-op Bank.
- More than 50% of depositors can withdraw their entire balance.
- Withdrawals can be made through branches and ATMs.
- RBI had previously suspended new loans and deposit withdrawals.
- Steps are being taken to revive the bank’s operations.
RBI Permits Withdrawals Up to Rs 25,000 for New India Co-op Bank Depositors, this relaxation from the RBI brings much-needed relief to depositors of New India Co-operative Bank. With the ability to access up to Rs 25,000, many customers can now access a portion of their savings. However, the RBI's actions also highlight the challenges the bank is facing, and it is clear that recovery efforts are ongoing.
As the bank works towards stabilizing its operations, depositors will be closely watching the next steps. The RBI has shown commitment to resolving the crisis, but it will take time before the full restoration of normal banking services is achieved.
