Depositors urge RBI to revive New India Cooperative Bank

Depositors at the New India Cooperative Bank are calling for action to revive the institution. The bank is facing serious issues following alleged embezzlement of ₹122 crore. The New India Cooperative Bank Depositors' Foundation has submitted a petition to the Reserve Bank of India (RBI) to address their concerns. The foundation claims there might be even deeper financial problems behind the bank's crisis, such as undisclosed non-performing assets. Many depositors are struggling to cover essential expenses, like medical bills and education costs, due to restrictions placed by the RBI. T.N. Raghunatha, the president of the foundation, argues that the ₹122-crore fraud should not have caused such a major downfall for a bank with deposits totaling ₹2,436 crore as of March 2024. The depositors hope for a swift response from the RBI to alleviate their financial hardships.