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New India Co-operative Bank Banned by RBI

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Sinatra

Sinatra

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RBi bans new india cooperative bank for 6 month.
customer cant withdraw money, wtf is going on how can customer be treated like this?
RBI ke baap ka paisa hai kya.. logo ki khoon pasine ki kamai ka paisa hai... people should be able take out their money.
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videos are disturbing people are crying....
First take bribe and ignore the rules & process, and again ask for bribe and ban the bank citing to "irregularities" .
WHy there are any irregularities in the first place?? RBI must answer... this bank is decade old bank and not opened just yesterday.

Common people are always f***ed!

 
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Sinatra said:
wtf is going on how can customer be treated like this?
RBI ke baap ka paisa hai kya.. logo ki khoon pasine ki kamai ka paisa hai... people should be able take out their money.
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Co operative bank doesn't come under DIGC guarantee of 5 lakh deposit also
Rbi control all financial institutions but co operative doesn't come under direct guarantee of rbi
 
Co-operative banks always risky.
Sone people deposit excess cash for high interest rate, then this happens.
Not more than 5 lakh should be kept.
Eventually, common people would be affected.
Don't know why indian govt. take precautions before this happens.
 
quino said:
be careful now, you could get banned.
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now i got the joke .. lolz

But i started to loovee new india , see we just got a sweetdeal in bourbon drink, as India slashed custom duty from 150% to 50% with just one US visit 😀
 
@Sinatra , You mentioned RBI should take steps before banks can play with People's money. This is RBI taking those steps before people's money gets lost. This cooperative bank most prob doesn't have proper processes in place and the reason debit is banned bank-wide is to stop bad actors from taking out their money. Just to give you an example, Yotta bank in USA lost millions of dollars of public deposit money, because they lost their ledger (lost/fraud). With no intervention from the Regulator, the bank management was able to misappropriate the money right before they shut down the deposit.

Remember the bank has deposits but no one knows if the ledger is per audit and the money is safe. Six months is nothing compared to what would happen if RBI didn't step in. and RBI had already raised concerns over Co-operative, municipal and state run banks. Why do people use these banks is beyond me.

If this bank just has regulatory issues then they will have to fix stuff and people will be able to get their money out. However if there is systemic fraud and misappropriation then they will get merged, 5L disbursed immediately and the rest will take about 10 years just like PMC.

Co-operative, municipal and state banks are always a scam or will eventually turn into a scam. Their whole business model is to gain trust of the depositors and F*** them. Let me clarify again, Co-operative banks collect deposits and give bad and illegal loans to bad actors, politicians, and religious entities. They defraud as much money as they can because they know RBI will have to help them no matter what. RBI at this point is their last hope.

"RBI ke baap ka paisa hai kya.. logo ki khoon pasine ki kamai ka paisa hai... people should be able take out their money."
This is such a dangerous statement to make. Paisa hona bi chiye bhai nikalne ke liye, just because apko app me dikh rha iska matlab ye ni hai ki pse actually me hain. Ase to mai Ambani ka baap ban jau. Trust your regulator, when they debit froze YesBank people went crazy but no one realized that not a single rupee of depositor money was lost and the bank is now happy and healthy. This cooperative bank on the other hand might have already burned the public money.
 
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Thank you @dvader for such a detailed perspective. Totally making sense.

just seen this video with decent analysis, little boring and lengthy but its pointing similar things.
,
 
Sinatra said:
Thank you @dvader for such a detailed perspective. Totally making sense.

just seen this video with decent analysis, little boring and lengthy but its pointing similar things.
,
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I can't imagine what these people are going through. We get upset on INR 20 SMS charges. But let's have faith in the regulator. It's good that the debit is frozen, it signifies that there IS (some) money/assets to be frozen, and I am 99% sure no depositor will loose their money. RBI would have started the merger proceedings if there was nothing to save at this point.
 
Hi Everyone,

to update, the General Manager of New India Co-op bank has been sent to police custody.

www.thehindu.com

New India Cooperative Bank accused sent to police custody till Feb. 21

Former New India Cooperative Bank GM Hitesh Mehta and theft beneficiary Dharmesh Paun in police custody till February 21, 2025.
www.thehindu.com www.thehindu.com

As I feared, it was not the regulatory issues but systemic fraud.

However, the RBI might have pre planned all of this because he is accused of stealing 122 Cr which is not that much if you ask me. If RBI could recover tge money, things will be back to normal in less than a month. Thanks RBI, a job well done...

Why do these people use Co-op banks is beyond me...and after RBI is trying to save them like a guardian angel, these dumb f**ks are blaming RBI. RBI should remove all Co-operative, municipal and state banks from all kinds regulation, even DICGC, and just focus on actual PSU and commercial banks. Let these b***rds loose their hard earned money the way they used to before Indira Gandhi.

Pehle lakshmi chit fund m account kholege fir RBI ko blame krenge.
 
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dvader said:
Pehle lakshmi chit fund m account kholege fir RBI ko blame krenge.
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bhi laxmi chit funds toh RBI ke ashirvad se bhi chal raha tha na.
RBI should show some initiatives to educate people, but no, they busy changing our ringtone to promote cybercell frauds.

Anyways hope we able to contain the damages.
 
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Sinatra said:
bhi laxmi chit funds toh RBI ke ashirvad se bhi chal raha tha na.
RBI should show some initiatives to educate people, but no, they busy changing our ringtone to promote cybercell frauds.

Anyways hope we able to contain the damages.
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Yes and RBI acted fast. Name any agency in the world that could detect and apprehend the culprit this fast for a financial fraud. Don't forget we now have tge advantage of hindsight. A day or two late these guys would have left the country.

RBI is a regulatory and enforcement body, it can predict situations like regulatory and procedure lapse but Scam and fraud by definition is a post event situation.

Look at developed economies of the world, SVB bank collapse in USA wasn't even a fraud just incompetence by board members and apart from FDIC insurance nothing was saved.

This is the best a regulating body can do, not just RBI but any strong regulating body in the world, USA, Japan, Germany you name it. Again to reiterate ALL cooperative banks will eventually do this because that's their whole model.

My rant was not to dismiss the pain of my fellow citizens it's the misdirected anger and their sheer blindness towards the whole situation.

And as to why RBI can't educate people. RBI would have known about this for a long time. However, New India Co-op would have burned them to the ground if RBI tried to educate people on their own and asked public to avoid the bank. They had to wait for their chance, gather hard evidence and get convictions.

It's the same situation as criminal court. it's harder to prosecute an actual criminal than it is to send an innocent man to jail.

So while your heart is the right place, this is the best humanity has to offer. You will have to find a separate planet that has far better civic sense.
 
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