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New India Co-op Bank Case: Cops question RBI on audit lapses, more queries likely

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
The New India Co-op Bank has been under scrutiny since February. The RBI imposed strict restrictions on the Mumbai-based bank due to supervisory concerns.
The article from CNBC TV18 discusses the ongoing investigation into the New India Co-operative Bank (NICB) by the Mumbai Police's Economic Offences Wing (EOW). The investigation has revealed significant lapses in the bank's operations, particularly in its audit processes. The EOW has questioned several bank officials and auditors, focusing on the period from 2016 to 2020, during which the bank allegedly engaged in fraudulent activities. Key issues include the misappropriation of funds, loans given without proper collateral, and the manipulation of financial statements. The Reserve Bank of India (RBI) had previously flagged these discrepancies, leading to the current scrutiny. The investigation aims to uncover the extent of the fraud, the involvement of bank officials, and the effectiveness of the internal and external audits. The case has raised concerns about the oversight mechanisms in cooperative banks and the need for stricter regulatory measures.

Read the Full CNBCTV18 Article at:
[ https://www.cnbctv18.com/business/finance/new-india-co-op-bank-case-cops-rbi-audit-lapses-questions-mumbai-police-economic-offences-wing-19578046.htm ]