India's central bank said on Monday it would allow depositors of troubled New India Co-operative Bank to withdraw up to 25,000 rupees (about $290) from their accounts.

Mumbai: The Reserve Bank of India (RBI) has eased withdrawal restrictions on New India Cooperative Bank, allowing depositors to withdraw up to Rs 25,0.

RBI allows NICB depositors to withdraw up to Rs 25,000, reconstitutes advisory committee for bank's administrator.

India's central bank will need to inject at least another 1 trillion rupees ($11.54 billion) into the banking system by March-end as durable liquidity remains in a deficit despite a recent cash infusion,

In a move which can alleviate the concerns of many account holders, the Reserve Bank of India (RBI) has allowed depositors of New India Co-operative Bank Limited, Mumbai, to withdraw up to Rs 25,000 from their accounts.

In some relief for depositors of New India Co-Operative Bank, the Reserve Bank of India (RBI) on Monday, February 24, allowed them money withdrawal of upto Rs 25,000. The withdrawal limit relaxation is effective from February 27.