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New India Co-operative Bank Scam: Finance Experts dissect the fraud - WATCH
The New India Co-operative Bank scam has left customers in a state of confusion, anxiety, and uncertainty about their hard-earned money. The biggest question on their minds—when will they be able to recover their funds? Do they have any immediate legal remedies in case of a financial crisis? Finance experts Mitil Chokshi and Parsh Chokshi weigh in on how the scam unfolded, whether the RBI could have intervened earlier, and the options available to account holders now to reclaim their money.
18 February,2025 10:40 AM IST
New India Co-operative Bank Scam: Finance Experts dissect the fraud
The New India Co-operative Bank scam has left customers in a state of confusion, anxiety, and uncertainty about their hard-earned money. The biggest question on their minds—when will they be able to recover their funds? Do they have any immediate legal remedies in case of a financial crisis? Finance experts Mitil Chokshi and Parsh Chokshi weigh in on how the scam unfolded, whether the RBI could have intervened earlier, and the options available to account holders now to reclaim their money.
17 February,2025 10:09 PM IST
What led to the New India Co-operative Bank Crisis?
In a major shocker, the Reserve Bank of India has imposed stringent restrictions on New India Co-operative Bank, leaving numerous depositors in turmoil. Significant financial irregularities are said to have unfolded behind closed doors that have led to the crisis. What events led to this drastic measure? Take a look.
15 February,2025 09:56 PM IST
Mumbai: Angry customers outside New India Co-operative Bank demand answers
Amid the ongoing New India Co-operative Bank controversy, RBI has superseded the Board of Directors of New India Co-operative Bank after imposing the restrictions, the customers' panic is unabated. On 15th February, anxious customers thronged the branches of the bank in Malad East and Kandivali West demanding answers from the authorities over the looming confusion over their savings. While RBI has assured safety of deposits up to Rs. 5 Lakh, uncertainty over reclaims and the fate of deposits exceeding over Rs. 5 lakhs still remain unclear. Customers ask tough questions from the authorities.
15 February,2025 02:47 PM IST
Will RBI pay our money back? Ask angry customers New India Co-op Bank faces ban
As Mumbai-based New India Co-operative Bank faces crisis, mid-day went on the ground to the New India Co-operative Bank branch in Santacruz East to gauge the reaction of the flustered public who have their money deposited in the bank. On 13th February, RBI issued an order barring the Mumbai-based bank from conducting futher business. No new loans can be issue, withdrawals have been suspended for six months due to liquidity concerns. While this should not be seen as a cancellation of banking license by RBI, nervous customers gathered outside the bank branches with the hope of withdrawing their hard-earned money. Many customers here have their savings tied up in the bank. People are worried about thier locked funds - their hard-earned money which they accumulated over the years. Uncertainty and frustration can be seen as customers are unsure when they will be able to access their money from the bank.
14 February,2025 05:08 PM IST
Mumbai: Customers line up outside Mumbai’s New India Co-operative Bank branches
A day after the Reserve Bank of India barred New India Co-operative Bank from issuing new loans and suspended deposit withdrawals for six months, citing supervisory concerns and the lender's liquidity position, panicked customers gathered in huge numbers outside the New India Co-operative Bank branches many of whom have savings tied up in the bank. The sudden banking restriction has left the customers worried if they will be able to get their money back from the Bank. Seema Waghmare, a customer of the New India Co-operative Bank, says, "Wec deposited money just yesterday, but they did not say anything... They should have told us that this was going to happen... They are saying that we will get our money within 3 months... We have EMIs to pay, we have no idea how we will do all of that..."
14 February,2025 12:34 PM IST
RBI Governor Shaktikanta Das keeps repo rate unchanged at 6.50 pc
The monetary policy committee of the Reserve Bank of India voted unanimously to keep the repo rate unchanged at 6.50 per cent. Experts say this means those with existing home loans should see no change in EMIs. However, the question of whether a borrower should choose a floating or fixed rate going. RBI Governor Shaktikanta Das informed about the unchanged repo rate.
10 August,2023 12:27 PM IST | Mumbai
RBI Governor keeps repo rate unchanged
Reserve Bank of India (RBI) Governor Shaktikanta Das held a press conference on June 08 where he informed that the monetary policy committee unanimously decided to keep the repo rate unchanged at 6.5 per cent. He also spoke about the growth in the Gross Domestic Product (GDP) of India which was recorded at 7.2 per cent in 2022-2023. Earlier, it was estimated to be 7 per cent. He also said that by taking all the factors into consideration, the real GDP growth for the year 2023-24 is projected at 6.5 per cent. “India’s real Gross Domestic Product (GDP) recorded a growth of 7.2 per cent in 2022-23, stronger than the earlier estimate of 7 per cent. It has surpassed its pre-pandemic level by 10.1 per cent...Taking all factors into consideration, the real GDP growth for the year 2023-24 is projected at 6.5 per cent,” said Shaktikanta Das.
08 June,2023 03:49 PM IST | Mumbai
PM was not in favour of Rs 2000 note: former principal secretary to PM Modi
Former Principal Secretary to Prime Minister Narendra Modi Nripendra Misra on May 22 said that the PM was not keen on the introduction of the Rs 2,000 notes but went along with the advice of his team. “PM Modi was not at all in favour of Rs 2000 notes. But, as demonetisation was to be done in a limited time, he gave reluctant permission for it. PM never considered Rs 2000 note as a note of the poor, he knew Rs 2000 has hoarding value instead of the transactional value,” said Nripendra Misra.
23 May,2023 10:57 AM IST | Mumbai
RBI governor Shaktikanta Das reacts to Rs 2000 note ban
Reserve Bank of India (RBI) Governor Shaktikanta Das while briefing the media persons assured that note of Rs 2000 will remain legal tender despite it being withdrawn from circulation.“Let me clarify and re-emphasise that it is a part of the currency management operations of the Reserve Bank. For a long time, the Reserve Bank has been following a clean note policy. From time to time, RBI withdraws notes of a particular series and issues fresh notes. We are withdrawing the Rs 2000 notes from circulation but they continue as legal tender,” said Shaktikanta Das.
22 May,2023 05:23 PM IST | Mumbai