New India Co-operative Bank Limited, Mumbai

RBI superseded the Board of Directors of New India Cooperative Bank Ltd., Mumbai for 12 months. An Administrator and a Committee of Advisors were appointed to run and support the bank during this period.

The bank’s board stands replaced for 12 months, and the Administrator will control day-to-day affairs with advice from the appointed committee. This creates immediate governance and control changes for the bank, while depositors and other stakeholders are indirectly affected by the ongoing regulatory oversight. The release also notes that Section 35A directions had previously been issued to the bank, though this press release itself does not withdraw them.

• Section 36 AAA read with section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies)
• sub section (1) of Section 35 A of the Banking Regulation Act, 1949, read with Section 56 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies)

RBI imposed Section 35A directions on New India Co-operative Bank Limited, Mumbai, placing broad restrictions on lending, deposits, payments, and withdrawals. The order is meant to protect depositors and remains in force for six months.

The bank must operate under strict RBI-imposed limits for six months, subject to review and possible modification. Depositors face withdrawal restrictions, while the bank may only carry out specified essential payments and limited transactions allowed under the directions. Borrowing, fresh deposit-taking, lending, investments, and asset disposals are broadly curtailed unless RBI approves otherwise.

• Section 35 A of the Banking Regulation Act, 1949
• Section 56 of the Banking Regulation Act, 1949

RBI imposed a ₹15 lakh penalty on New India Co-operative Bank Limited, Mumbai. The bank was found non-compliant with RBI directions on donations for public/charitable purposes.

The bank must absorb the penalty, but the release does not indicate any operational restriction beyond the monetary sanction. No direct forward-looking cap, suspension, or cancellation is imposed on the bank's business by this order.

• section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949

RBI has imposed a ₹25 lakh penalty on New India Co-operative Bank Ltd., Mumbai, for non-compliance with RBI directions on fraud monitoring and reporting in urban co-operative banks.

The bank must absorb the financial penalty and remain compliant with RBI’s fraud monitoring and reporting directions going forward. The order does not itself withdraw business permissions or impose operational restrictions, but it signals regulatory scrutiny of the bank’s compliance framework.

• section 47 A (1) (c) read with sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949