Customers were seen queuing outside the New India Co-operative Bank branch in Mumbai to withdraw their money after the Reserve Bank of India (RBI) issued guidelines and suspended depositor withdrawals and other restrictions amid supervisory concerns on Thursday.
According to reports, the bank has been incurring losses for the past two years, with a reported loss of Rs 22.78 crore in March 2024, compared to Rs 30.75 crore the previous year.
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