New India Co-operative Bank Shutdown
Customers Blame Bank for Irresponsibility
By:Brena Soni
Mumbai : The sudden closure of New India Co-operative Bank has sparked widespread outrage among customers. Following a notice from the Reserve Bank of India (RBI), the bank was shut down, leaving many account holders stranded. Large crowds gathered outside the bank’s branches, with many people queuing up for hours to access their accounts.
According to Manoj Chhotam, the bank’s branch manager, customers need not worry about their lockers, as they can visit the bank to retrieve their valuables. However, the bank will remain closed for approximately three months, during which time an audit will be conducted. Customers with savings and current accounts will have to wait for three to six months to access their funds.
Customers have expressed frustration and disappointment with the bank’s handling of the situation. Many have criticized the lack of communication from the bank, with some only learning about the closure through friends or television reports. “There was poor communication from the bank,” said Vinay Agarwal, a customer. “I only found out about the issue through a friend who works at another bank ”
Another customer, Bhupendra, expressed concerns about the impact of the closure on everyday life. “If RBI has issued a closure notice, at least the common people should be notified,” he said. “How are we supposed to survive in an emergency situation?” The bank’s lack of transparency and communication has added to the chaos and uncertainty faced by customers.
The New India Co-operative Bank has approximately 25 branches, and police arrangements were made to manage the crowds outside the bank. The RBI’s notice, stuck outside the branches, states that the bank has been directed to close its business under Section 35 A of the Banking Regulation Act, 1949. The bank was issuing coupons to customers for access to their lockers, and branches were open briefly at 4:00 pm to facilitate this process.
