The regulator also reconstituted the Committee of Advisors (CoA) to the Administrator effective from February 25, 2025. The CoA will now consists of Ravindra Sapra, former General Manager, State Bank of India; Ravindra Tukaram Chavan, former Deputy CGM, Saraswat Co-operative Bank Ltd; Anand M Golas, Chartered Accountant.
“The Reserve Bank is closely monitoring the developments and shall continue to take necessary steps in the interest of the depositors of the bank,” the regulator said in the circular.
It must be noted that economic offences wing (EOW) of the Mumbai Police recently arrested Hitesh Praveenchand Mehta, a former general manager and head of accounts at the now-crippled New India Cooperative Bank late Saturday evening for allegedly embezzling a whopping Rs 122 crore from the treasury of the lender during 2020-2025 from the two key branches.
The arrest follows an FIR filed by the Dadar Police earlier in the day which later transferred the case to the EOW, which also raided Mehta’s residence and seized certain documents.
Based on the complaint filed by the bank’s now sacked chief executive officer Devarshi Ghosh, a case was registered earlier in the day at Dadar police station. The case was then transferred to the EOW for further investigation, which found that the misappropriation of funds began soon after the pandemic.