The Economic Offences Wing (EOW) of Mumbai Police has launched an investigation into alleged irregularities at New India Cooperative Bank following a complaint filed by a bank representative.
Bank representative’s statement recorded
As part of the initial probe, the EOW has recorded the statement of a bank representative to understand the nature and extent of the alleged financial discrepancies.
EOW examining the case
Authorities are currently analyzing the financial records and transaction details to identify potential lapses or violations. Officials have stated that the investigation is in its early stages and efforts are being made to determine where the irregularities occurred.
Customers rush to branches after RBI ban
A day after the Reserve Bank of India (RBI) imposed a six-month transaction ban on New India Co-operative Bank Ltd, anxious customers rushed to its branches on Friday, seeking clarity on their deposits. The RBI’s action came in response to irregularities in the bank’s lending practices, triggering concerns among account holders about the safety of their savings.
Customers denied withdrawals, security deployed
Long queues formed outside the bank’s branches as worried depositors attempted to access their funds. While many were allowed to access lockers containing valuables, cash withdrawals were completely restricted. Notices placed at branch entrances assured depositors that funds would be repaid within 90 days, but that did little to calm their nerves. At several locations, police personnel were deployed to manage the swelling crowds and prevent any law-and-order situation.
