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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

Home Ministry convenes emergency meeting amid rising security concerns after Pahalgam terror attack

After the tragic Pahalgam terror attack, the Home Ministry convened a high-level meeting in Delhi as intense security operations unfold across Jammu and Kashmir.

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Amid heightened security concerns following the deadly Pahalgam terror attack that claimed 26 lives, the Ministry of Home Affairs convened a high-level meeting in New Delhi on Tuesday.

Key officials attending the meeting include Union Home Secretary Govind Mohan, Director Generals of the Border Security Force (BSF), Assam Rifles, and the National Security Guard (NSG), along with senior representatives from the Central Reserve Police Force (CRPF) and the Central Industrial Security Force (CISF).

Meanwhile, extensive counter-terrorism operations are ongoing at multiple locations across Jammu and Kashmir. Sources familiar with the matter noted that, due to the sensitive nature of these operations, no specific updates are currently being disclosed.

In a related development on Monday, the Jammu and Kashmir Police conducted raids at 13 locations in the Doda district, targeting terrorist hideouts and individuals suspected of links to terrorist activities.

Additionally, Srinagar Police carried out a series of extensive searches across the city. These operations focused on the residences of Over Ground Workers (OGWs) and associates linked to banned terrorist outfits, as part of ongoing investigations under the Unlawful Activities (Prevention) Act (UAPA).

According to a police statement, searches were conducted at the homes of 63 individuals. These operations were executed in accordance with legal procedures, under the supervision of Executive Magistrates and independent witnesses, aiming to collect evidence such as weapons, documents, and digital devices to thwart any potential conspiracies threatening national security.

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Family Man 3 actor Rohit Basfore found dead near Guwahati waterfall

Actor Rohit Basfore, part of Family Man 3, was found dead at Garbhanga Waterfalls. Initial police reports cite accidental drowning, but further investigation is ongoing.

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In a tragic turn of events, actor Rohit Basfore, known for his role in the upcoming third season of The Family Man, was found dead near the Garbhanga Waterfalls in Guwahati on Sunday, April 27. The incident has sent shockwaves through the entertainment community and among fans.

According to police reports, Basfore had gone on a picnic with nine colleagues when the mishap occurred. Officials from Rani Police Outpost stated that he allegedly fell into the waterfall around 2 pm. The authorities were alerted by 4 pm, and a rescue operation led by the SDRF team resulted in the recovery of his body at approximately 6.30 pm.

Initial findings suggest that Basfore died by accidental drowning, with the police currently not suspecting foul play. However, the final confirmation on the cause of death will depend on the awaited post-mortem report. Despite the preliminary conclusions, Basfore’s family members have voiced concerns over possible foul play, prompting further investigation into the circumstances surrounding his death.

In recent weeks, Rohit Basfore had shared glimpses from the set of Family Man 3 on his social media, expressing excitement about his experience. He posted photographs alongside co-actors Jaideep Ahlawat and Dalip Tahil, reflecting on his enthusiasm for learning and acting.

The Family Man series, a creation by Raj & DK for a leading OTT platform, stars Manoj Bajpayee in the lead role of Srikant Tiwari. The popular thriller debuted its first season in 2019, followed by a second season in 2021, and has gained a loyal fanbase awaiting its third chapter.

As the investigation continues, friends, fans, and colleagues mourn the untimely loss of a budding talent whose career was just beginning to blossom.

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India News

PM Modi to chair crucial security meeting after Pahalgam attack

PM Modi will chair crucial security and cabinet meetings tomorrow to assess national preparedness after the Pahalgam terror attack that left 26 dead in Jammu and Kashmir.

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PM Modi

In the aftermath of the deadly terror attack in Pahalgam that claimed 26 lives last week, Prime Minister Narendra Modi will lead a series of crucial meetings tomorrow to review India’s security preparedness.

The Cabinet Committee on Security (CCS), the nation’s apex body for national security decisions, is scheduled to convene around 11 am. This will be the second high-level review since the tragic incident in Jammu and Kashmir.

Following the CCS meeting, the Cabinet Committee on Political Affairs (CCPA), chaired by the Prime Minister, will also gather to discuss political and strategic issues. Senior leaders, including Defense Minister Rajnath Singh, Home Minister Amit Shah, Road Transport Minister Nitin Gadkari, Health Minister JP Nadda, and Finance Minister Nirmala Sitharaman, will participate in the deliberations.

Later, the Cabinet’s Economic Affairs Committee will meet, culminating in a full cabinet session.

During the previous CCS meeting, held two days after the attack, the government placed security forces across the country on heightened alert and vowed strict action against those responsible. Measures taken included suspending the Indus Water Treaty with Pakistan, halting SAARC visas, closing the Wagah-Attari border, and downgrading diplomatic ties with Islamabad.

Additionally, Pakistani nationals residing in India were asked to return to their country, with a slight extension given to those holding medical visas until Tuesday. In retaliation, Pakistan announced the suspension of all bilateral agreements with India, including the historic Simla Agreement.

As tensions between the two countries escalate, tomorrow’s meetings are expected to chart the next course of action amid rising security concerns.

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