In a relief for depositors at the New India Co-operative Bank (NICB), the Reserve Bank of India (RBI) has now allowed customers to withdraw up to Rs 25,000 from their deposit account from February 27 onwards, the RBI said in a statement.
“The Reserve Bank, after reviewing the bank’s liquidity position in consultation with the Administrator, has decided to allow a deposit withdrawal of upto ₹25,000 per depositor, with effect from February 27, 2025,” it said.
The regulator had earlier this month superseded the board of NICB and barred the lender from allowing customers to withdraw funds from their deposit accounts.
With the new relaxation, more than 50 per cent of the total depositors will be able to withdraw their entire balances. The depositors may use the branch as well as ATM channel of the bank for this withdrawal.
Further, the RBI also reconstituted the Committee of Advisors (CoA) to the bank’s administrator, consisting Ravindra Sapra, former General Manager, State Bank of India, Ravindra Tukaram Chavan, former Deputy CGM, Saraswat Co-operative Bank and Anand M Golas, Chartered Accountant.