<h1>RBI Takes Control of New India Cooperative Bank for Governance Lapses; Suspends Withdrawals, Appoints Administrator</h1> The Reserve Bank of India (RBI) has superseded the board of New India Cooperative Bank due to governance lapses and appointed an administrator to manage its affairs. This action follows the discovery of fund misappropriation by some bank staff. The RBI has imposed restrictions on the bank, including suspending deposit withdrawals and prohibiting new loans, effective for six months. Despite these issues, 90% of the bank's 1.3 lakh depositors are expected to recover their deposits under insurance coverage. The bank's assets and non-performing assets have shown concerning trends, prompting these regulatory measures.