The Reserve Bank of India (RBI) has appointed Mr. Shreekant, former Chief General Manager of State Bank of India (SBI), as Administrator of New India Cooperative Bank Limited, Mumbai. A Committee of Advisors, including SBI’s former General Manager Ravindra Sapra and Chartered Accountant Abhijeet Deshmukh, will assist him in managing the bank’s day-to-day affairs. RBI also superseded the bank’s Board of Directors for 12 months, citing poor governance.

The bank was ordered to halt operations, including loans and deposits, due to liquidity concerns. Eligible depositors will receive insurance claims up to 5 lakh rupees, with further action based on improvements in the bank’s financial position.