New India Cooperative Bank Limited
Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2025
Alleged ₹122 crore misappropriation and cash shortfall
An RBI inspection reportedly found ₹112 crore missing from the Prabhadevi branch safe and ₹10 crore from the Goregaon branch safe. The matter led to withdrawal restrictions, board supersession, appointment of an administrator, and a Mumbai Police Economic Offences Wing investigation. Multiple arrests and property seizures were reported. The allegations remained subject to investigation and legal process.
2024
RBI penalty concerning donations and contributions
The RBI imposed a ₹15 lakh penalty related to non-compliance with rules governing donations and contributions by urban cooperative banks.
2021
RBI penalty for fraud-monitoring deficiencies
The RBI imposed a ₹25 lakh penalty for non-compliance with fraud-monitoring and reporting guidelines identified during an inspection covering March 2019.