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RBI halts New India Co-operative Bank’s operations

RBI imposes a series of restrictions on Mumbai’s New India Co-operative Bank, halting withdrawals and loans. Customers face a financial crisis with limited access to funds.

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The Reserve Bank of India has imposed restrictions on New India Co-operative Bank in Mumbai, halting withdrawals, loans, and deposits. Customers left worried.

In a shocking move, the Reserve Bank of India (RBI) has imposed stringent restrictions on Mumbai’s New India Co-operative Bank, citing concerns over the bank’s financial health. This action has left customers unable to access their accounts or withdraw funds, creating panic among account holders. Here’s a breakdown of the situation and what it means for customers and the bank.

RBI’s decision to impose restrictions

As of February 13, 2025, the RBI has barred New India Co-operative Bank from offering new loans, accepting fresh deposits, or renewing existing loans. In addition, the bank is not allowed to make any payments or sell its assets. These restrictions will remain in effect for the next six months, with the RBI highlighting that the financial condition of the bank is not secure.

The RBI’s actions come amid reports of financial irregularities within the bank, which have raised serious questions about its solvency. These measures are intended to safeguard the interests of customers and to prevent further financial instability.

What does this mean for the customers?

While depositors are protected under the Deposit Insurance Scheme (DIS), which guarantees up to Rs 5 lakh in case of the bank’s collapse, the immediate concern is the inability to withdraw funds. Customers across Mumbai have been lining up at branches in desperation, hoping to withdraw their savings, but the restrictions prevent them from accessing their accounts.

Social media has been flooded with images and videos of long queues outside the bank, with customers expressing frustration and anxiety. The closed doors of the bank and the absence of staff to handle the situation have only fueled the unrest.

How does the Deposit Insurance Scheme help?

Though depositors are covered under the Deposit Insurance Scheme, which ensures that up to Rs 5 lakh of their deposits are protected, many account holders may face difficulties accessing funds in the interim. This has led to increasing concerns among smaller depositors who rely on their savings for daily expenses.

The RBI’s intervention is aimed at providing the bank time to resolve its financial issues, but it remains unclear how long the restrictions will last or when normal banking operations will resume.

What caused the RBI intervention?

The primary reason for the RBI’s action stems from the bank’s questionable financial status. According to sources, there are ongoing concerns about the bank’s ability to meet its financial obligations, and questions have been raised about whether the institution has enough liquidity to sustain itself.

By halting new loans and deposits, the RBI aims to prevent further financial instability and ensure that the bank does not take on additional risk while working to stabilize its operations.

Customer reactions and growing concerns

Customers of the New India Co-operative Bank have been left in limbo, with many turning to social media to voice their concerns. The closure of the bank’s branches and the ban on withdrawals have created a sense of uncertainty. It’s clear that this development has caught many customers off guard, leading to widespread unease.

As the situation develops, many are questioning the future of the bank and what steps will be taken to ensure that customer interests are protected. For now, all eyes remain on the Reserve Bank of India to provide further clarity and guidance.

India News

Congress slams Maharashtra CM Fadnavis over Nagpur violence, says Mahayuti govt responsible for unrest as it raised Aurangzeb issue

Meanwhile, Chief Minister Fadnavis addressed the violence in the Maharashtra Assembly, stating that the protests were organized by the Vishwa Hindu Parishad (VHP) and Bajrang Dal.

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The Congress on Tuesday strongly criticised Maharashtra Chief Minister Devendra Fadnavis over the recent communal clashes in Nagpur, which left over 30 people injured and prompted the imposition of a curfew in several areas. The violence erupted on Monday evening following tensions over a call to relocate the tomb of Mughal emperor Aurangzeb from Maharashtra.

Maharashtra Congress President Harshwardhan Sapkal expressed shock over the unrest in Nagpur, a city known for its communal harmony. Speaking to PTI on Tuesday, Sapkal said, “Nagpur is a nearly 300-year-old city where such riots have never occurred. People here have always lived together peacefully. The fact that violence has broken out now is surprising and reflects the government’s failure. However, this is not the time for politics. The Congress appeals for peace.”

Sapkal also targeted Fadnavis, who holds the home portfolio, for the deteriorating law and order situation. “Nagpur is the CM’s hometown, and as Home Minister, he is responsible for maintaining peace. His ministers are provoking people by raising the Aurangzeb issue because they have failed on all other fronts. I urge them not to compromise law and order for political gains,” he added.

The clashes, which took place in the Mahal area of Nagpur, resulted in over 60 arrests and the torching of around 30 vehicles. In response to the violence, Congress leader Renuka Chowdhury submitted a suspension notice in the Rajya Sabha, calling for a discussion on the “complete breakdown of communal harmony and law and order” in Nagpur.

The notice stated, “This House should suspend zero hour and relevant rules relating to Question Hour and other scheduled business to deliberate on the complete breakdown of communal harmony and law and order in Nagpur, Maharashtra. In its 300 years of dynamic existence, Nagpur has never experienced riots.”

Shiv Sena (UBT) leader Priyanka Chaturvedi also criticized the Mahayuti government, accusing it of diverting attention from pressing issues. “The government is instigating violence and creating instability to keep citizens distracted from the state’s financial crisis, rising debt, unemployment, and farmer suicides. Maharashtra is being strategically made unattractive for investment to benefit neighbouring states,” she alleged.

Chaturvedi further claimed, “Under Eknath Shinde’s leadership, businesses were driven to Gujarat at Maharashtra’s expense. Now, under the current CM, the state is being made unviable for investment, forcing businesses to move out. This is shameless.”

Meanwhile, Chief Minister Fadnavis addressed the violence in the Maharashtra Assembly, stating that the protests were organized by the Vishwa Hindu Parishad (VHP) and Bajrang Dal.

He alleged that rumours about religious items being burnt had fueled the clashes. “It appears to be a well-planned attack. No one has the right to take the law into their own hands. Attacks on the police will not be tolerated, and strict action will be taken,” Fadnavis assured.

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India News

Supreme Court extends interim protection to ex-IAS trainee Puja Khedkar in forgery case

The Supreme Court has extended interim protection from arrest for Puja Khedkar, accused of document forgery for UPSC eligibility, while directing Delhi Police to complete the investigation.

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Supreme Court extends relief to Puja Khedkar in UPSC forgery case

The Supreme Court on Tuesday extended the interim protection from arrest for former Indian Administrative Service (IAS) trainee Puja Khedkar, who is accused of forging documents to gain eligibility for the 2022 Union Public Service Commission (UPSC) exam.

A bench comprising Justices BV Nagarathna and Satish Chandra Sharma directed the Delhi Police to expedite the investigation and set April 15 as the next date for hearing her anticipatory bail plea.

Delhi Police urged to accelerate probe

During the hearing, the bench questioned the delay in completing the investigation, despite Khedkar’s affidavit stating her willingness to cooperate. “You must track up this investigation steadfastly,” Justice Nagarathna told Additional Solicitor General (ASG) SV Raju, who represented Delhi Police.

ASG Raju argued that custodial interrogation was essential to probe a larger scam involving the submission of fake documents by UPSC candidates. He claimed that the investigation aimed to determine whether Khedkar’s case was an isolated incident or part of a broader fraudulent network.

However, the Supreme Court observed that revealing the source of the allegedly forged certificates does not necessarily require Khedkar’s custody.

Khedkar’s defense counters allegations

Khedkar’s counsel refuted the forgery claims, stating that she was diagnosed with a low-vision disability in 2018 and had since attempted the UPSC exam thrice under the disability quota. The bench responded by emphasizing the need for justification regarding her attempts.

Khedkar has challenged a Delhi High Court ruling that rejected her anticipatory bail plea. In January, the Supreme Court had granted her interim protection from arrest and directed her to cooperate with the investigation.

Forgery allegations and High Court’s stance

Khedkar is accused of fraudulently availing reservation benefits meant for Other Backward Classes (OBC) and Persons with Benchmark Disabilities to clear the UPSC exam.

The Delhi High Court had earlier dismissed her anticipatory bail plea, making strong remarks about the case, calling it a “classic example of fraud, not only with a constitutional body but also with society and the nation.” It emphasized that custodial interrogation was necessary to uncover the extent of the conspiracy.

Additionally, the High Court pointed out that Khedkar’s parents held high-ranking positions, raising concerns about possible collusion with influential individuals.

Khedkar faces criminal charges filed by the Delhi Police, including accusations of cheating and unlawfully claiming quota benefits in the civil services examination.

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Cricket news

Rapper Hanumankind shares fan moment with Virat Kohli at RCB Unboxing event

Hanumankind met Virat Kohli at the RCB Unboxing event, calling him ‘GOAT.’ Kohli introduced Rajat Patidar as the new RCB captain.

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Hanumankind, Virat Kohli, RCB, Royal Challengers Bengaluru, IPL 2025, Rajat Patidar, RCB Unboxing event, Chinnaswamy Stadium, Indian hip-hop, cricket news

Rapper Hanumankind recently had a special moment as he met Virat Kohli at the Royal Challengers Bengaluru (RCB) Unboxing event at the Chinnaswamy Stadium. The rapper, who has gained popularity with tracks like Big Dawgs, shared a picture with Kohli on Instagram, capturing the heartfelt moment.

In the post, Hanumankind expressed his admiration for the cricket legend, captioning the photo, “Met the GOAT today.” The image showed both the rapper and Kohli dressed in RCB jerseys, sharing a warm hug.

RCB’s Unboxing event and Kohli’s special request

The RCB Unboxing event took place on March 15, 2025, ahead of the upcoming Indian Premier League (IPL) season. Kohli, along with the rest of the RCB squad, attended the event, engaging with fans and making an important announcement.

See Instagram Post here :

https://www.instagram.com/p/DHTn8-RTMok/?utm_source=ig_embed&ig_rid=62d8adbd-ae02-47b6-bfc1-3a1c23271a04

During the event, Kohli introduced Rajat Patidar as RCB’s new skipper, urging fans to support the young leader. He expressed confidence in Patidar’s leadership, encouraging fans to show their love and support as the franchise enters a new phase.

Hanumankind’s rising fame in the music industry

Rapper Sooraj Cherukat, widely recognized by his stage name Hanumankind, has been making waves in the Indian hip-hop scene. Some of his popular tracks include Namma Stories, Go To Sleep, Maadeva, Rush Hour, and DAMNSON. His meeting with Kohli added another memorable moment to his journey, as fans from both the cricket and music communities celebrated the interaction.

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