RBI freezes New India Cooperative Bank deposits after missing funds complaint; assures safety of deposits up to Rs 5 lakh

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More than a lakh depositors and cooperative housing societies are affected as New India Cooperative Bank is put under moratorium by RBI due to supervisory concerns. An administrator and committee of advisers have been appointed to manage the bank, while depositors can claim up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation.

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