Thane: An organisation representing depositors of New India Cooperative Bank, hit by alleged embezzlement of Rs 122 crore, have submitted a petition to RBI, seeking immediate measures to revive the bank and end their financial hardships. The New India Cooperative Bank Depositors' Foundation said it suspects that "deeper financial irregularities like undisclosed non-performing assets or additional frauds could be contributing to the crisis". Its president, T N Raghunatha, said many depositors have been unable to meet medical and educational expenses owing to RBI 's restrictions. The petition argued that a Rs 122-crore fraud should not have been severe enough to destabilise a bank with a deposit base of Rs 2,436 crore as of March 2024. pti

Source: The Times March 18, 2025 19:18 UTC