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RBI restrictions on New India Co-operative Bank: ‘All our savings stuck in this bank’

Panic gripped customers of New India Co-operative Bank after the Reserve Bank of India (RBI) imposed severe restrictions on withdrawals for six months due to concerns over the bank’s financial stability. While customers are allowed to access their lockers to retrieve valuables, bank officials have provided no clarity on the situation. Large crowds gathered outside bank branches across the city after the news spread on social media. Customers told mid-day they no longer feel safe keeping money in banks, as their lifetime savings are now locked inside the bank. Read more.