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New India Cooperative Bank Update: Good news for the depositors of New India Cooperative Bank! People whose money is deposited in this bank will soon get the money for insurance cover. The Reserve Bank of India (RBI) has given this information after the ban on the bank. RBI said that the amount up to Rs 5 lakh is completely safe. Let us tell you that the Reserve Bank had found some flaws in the investigation of the accounts of New India Co-operative Bank. It imposed several restrictions on the cooperative bank, including the withdrawal of money by depositors. This ban on the bank has come into effect from last Thursday for the next 6 months.

Insurance cover of up to Rs 5 lakh will be available under the Deposit Insurance and Credit Guarantee Corporation (DICGC). More than 90% of the bank's customers' money is safe. As per Rule 18A of DICGC, customers will be paid. Account holders should submit all their claim-related documents within 45 days (by March 30, 2025). Provide all the certificates related to the bank account, the number, and details of an alternate bank account. This will deposit the money directly into your account.

These documents will have to be submitted.

If you want to open a new account, then submit KYC documents. Otherwise, submit the details of the bank account linked to the Aadhaar card and address proof. DICGC will start paying insurance money from May 14, 2025. The money will be deposited in the alternate bank account mentioned by you or in the account linked to Aadhaar with your permission. A self-declaration will have to be given, which should contain your name, bank, and restricted bank account details.

Flaws were found in the account.

According to PTI Bhasha sources, the Reserve Bank of India had found some flaws in the investigation of the accounts of the New India Co-operative Bank. After this, the Chief Compliance Officer of the bank contacted the Economic Offences Wing of Mumbai Police on Thursday. He said that the matter is related to the misuse of funds by some employees of the bank, although he did not disclose the total amount or the identity of the people involved.

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