Fund misappropriation led to RBI action on New India Co-operative Bank https://www.taxtmi.com/news?id=34114 RBI imposed operational restrictions after detecting alleged staff misappropriation during a spot inspection, prohibiting new loans and suspending deposit withdrawals, then superseded the board and appointed an Administrator and a Committee of Advisors to manage the bank and address governance failures. Most depositors hold balances within the statutory deposit insurance limit, which is expected to cover insured claims if the bank is liquidated. en-us Fri, 14 Feb 2025 19:46:03 +0530 Fri, 14 Feb 2025 19:46:03 +0530 TaxTMI RSS Generator Fund misappropriation led to RBI action on New India Co-operative Bank https://www.taxtmi.com/news?id=34114 RBI imposed operational restrictions after detecting alleged staff misappropriation during a spot inspection, prohibiting new loans and suspending deposit withdrawals, then superseded the board and appointed an Administrator and a Committee of Advisors to manage the bank and address governance failures. Most depositors hold balances within the statutory deposit insurance limit, which is expected to cover insured claims if the bank is liquidated. News - Fri, 14 Feb 2025 19:46:03 +0530 https://www.taxtmi.com/news?id=34114