RBI caps withdrawals to ₹1L, bars loans at Mogaveera Bank
The Reserve Bank of India has stepped in and placed strict limits on Mogaveera Co-operative Bank, Mumbai, because its finances have taken a hit.
For the next six months, starting from the closure of business hours on Friday, June 12, 2026, customers can only withdraw up to ₹1 lakh each, no matter how many accounts they have.
The bank also can't hand out new loans or renew old ones during this period.
Deposits and investments blocked, ₹5L insured
Don't worry, the bank isn't shutting down, just operating with restrictions for now.
You won't be able to make fresh deposits or investments either, but your existing money is still insured up to ₹5 lakh under Deposit Insurance and Credit Guarantee Corporation (DICGC) rules.
If you're confused about your account or need help, the RBI suggests reaching out directly to bank staff for clarity.
This move is a reminder of how important financial stability is in co-op banks that serve so many people.