How will account holders of New india Co-operative bank withdraw their money?
After the scam of Rs 122 crore in New india Co-operative bank, the Reserve bank has banned the deposit or withdrawal of money in the bank. The board of the bank has been suspended for 12 months. The bank's general manager hitesh Mehta, who is responsible for the scam, has been taken into custody. Former Chief General Manager of State bank, Srikant, has been asked to look after the routine work of New india Co-operative Bank.
Meanwhile, the biggest concern of the account holders of the bank is that their money deposited in the bank may fall prey to the scam. Many people had deposited their hard-earned money in this bank. Such people are also worried that hitesh Mehta may have broken into their accounts and withdrawn the money. Many account holders had deposited their entire money in this bank only. The crisis before them is how they will pay EMI and children's school fees.
Customer support services and apps are also not working
According to media reports, the support services and apps of New india Co-operative bank are also not working. The Reserve bank said that in view of the current cash position of the bank, it has been instructed not to allow withdrawal of any amount from the depositor's savings bank or current accounts or any other account. However, spending on some essential items like salary, rent and electricity bills is allowed. These bans will be effective for six months from february 13, 2025.
Depositors will be able to claim up to five lakhs
The Reserve bank said that eligible depositors will be entitled to get deposit insurance claim amount up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation. At the end of march 2024, the cooperative bank had deposits of Rs 2436 crore. It will be possible for the depositors to withdraw the entire amount only after the completion of the audit by the Reserve Bank.
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