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Customers were seen standing in long queues outside the New India Co-operative Bank branch in Mumbai to withdraw their money after the Reserve Bank of India (RBI) on Thursday suspended depositor withdrawals and other restrictions amid supervisory concerns. Account holders gathered outside the bank branch in Andheri. Customers were concerned whether they would get their money back. Some even said that the bank was not responding to their queries, and its customer support services and app were not functioning.The RBI restrictions will be in effect for six months from February 13, 2025. If you also have an account in this bank, what should you do now, and what will happen to the money deposited? Reports indicate that 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 in 2023.Visuals From Outside of New India Co-operative Bank Branch In Mumbai"We deposited money just yesterday, but they did not say anything... They should have told us that this was going to happen... They are saying that we will get our money within 3 months... We have EMIs to pay, we have no idea how we will do all of that," Seema Waghmare, a customer of the New India Co-operative Bank said while speaking to the news agency ANI.Reason for ActionThe RBI took this step to safeguard customer deposits and prevent further financial strain on the bank. However, the central bank clarified that the bank’s licence has not been revoked, and its financial status will be continuously monitored.Impact on Customer DepositsCustomers need not panic as their deposits are insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC). Each account holder is covered for deposits up to ₹5 lakh. In case of further financial distress leading to closure, depositors will receive a maximum of ₹5 lakh. However, those with larger deposits may have to wait for the bank’s condition to improve.Also Read | Mumbai: Fraudsters Pose as SRA Officials, Dupe Healthcare Worker with Fake Flat Allotment.Restrictions ImposedThe bank is prohibited from issuing new loans or renewing existing ones.Customers cannot open new fixed deposits or investment schemes.The bank cannot make fresh investments or disburse payments.Selling assets to raise funds is restricted.What’s Next?These restrictions will remain in effect for six months. However, if the bank’s financial situation does not improve, the RBI may extend the duration of these measures.

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