New India Co-operative Bank Shut Down
Customers Left in a long queues
By : Arvind Jadhav
Mumbai : Chaos erupted outside branches of the New India Co-operative Bank in Mumbai as customers formed long queues, anxiously seeking clarity on their deposits. The Reserve Bank of India (RBI) has imposed restrictions on the bank’s transactions, effective Thursday, sparking widespread concern among account holders.
According to sources, the RBI has taken issue with the bank’s practices and has requested clarification on certain transactions. The bank has been given six months to rectify the situation. However, customers are growing increasingly restless, demanding assurances about the safety of their funds.
Bank officials have been tight-lipped about the situation, leaving customers frustrated and worried. This morning, some customers were given coupons, but no concrete information was provided about their deposits. The Andheri branch, in particular, has seen a large number of senior citizens queuing up, many of whom have substantial deposits with the bank.
RBI officials have stated that the restrictions were imposed to ensure the safety and security of customers’ money. However, the lack of communication from the bank has only added to the uncertainty and anxiety among customers.
As the situation continues to unfold, customers are advised to remain vigilant and seek updates from official sources. The RBI’s decision to restrict the bank’s transactions has raised concerns about the stability of the banking system, and customers are eagerly awaiting a resolution to the crisis.
