Reserve Bank of India (RBI) imposes restrictions on Mogaveera Co-operative Bank for six months

Key facts

• The Reserve Bank of India (RBI) has imposed several operational restrictions on Mumbai-based Mogaveera Co-operative Bank for a period of six months effective from June 13, 2026.
• The RBI has capped withdrawals from savings, current, or any other accounts at a maximum sum of ₹1 lakh per depositor due to the bank's deteriorating financial position.
• The cooperative bank is prohibited from granting or renewing any loans and advances, making investments, or incurring any liability including the borrowing of funds.
• The directions further restrict the bank from accepting fresh deposits or undertaking any new financial commitments without prior approval from the RBI.
• Eligible depositors are entitled to receive a deposit insurance claim amount of up to ₹5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).