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New India Co-Op Bank
3.2
based on 122 Reviews
Company Overview
Company Locations
Working at New India Co-Op Bank
Company Summary
New Bank India is focused towards offering personal, home & small business loans as well as other banking solutions.
Overall Rating
3.2/5
based on 122 reviews
16% below
industry average
Critically rated for
Promotions, Salary, Job security
Work Policy
Work from office
95% employees reported
Alternate Saturday off
44% employees reported
Strict timing
61% employees reported
No travel
51% employees reported
View detailed work policy
Top Employees Benefits
Job/Soft skill training
5 employees reported
Health insurance
2 employees reported
International/On-site exposure
1 employee reported
Professional degree assistance
1 employee reported
View all benefits
About New India Co-Op Bank
Founded in1968 (57 yrs old)
India Employee Count11-50
Global Employee Count11-50
India HeadquartersMumbai, India
Office Locations
Surat
Websitenewindiabank.in
Primary Industry
Other Industries
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New India Co-Operative Bank Limited is a fast growing & strong bank with it’s headquartering in Mumbai. The Bank is focused on upgrading and improving the services by optimising the use of the latest technology as well as continuous training of its Management and staff. The bank was founded in Mumbai in 1968 & was renamed as the New India Co-Operative Bank Limited in 1977. Since then the bank has grown into a strong and scheduled multi state bank with a network of branches in various states offering a wide range of services including forex services, trade services, home loans, small business loans and more.
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New India Co-Op Bank Ratings
based on 122 reviews
Overall Rating
3.2/5
How AmbitionBox ratings work?
5
35
4
35
3
20
2
7
1
25
Category Ratings
3.3
Work-life balance
3.2
Skill development
3.0
Work satisfaction
2.9
Company culture
2.8
Job security
2.4
Salary
2.4
Promotions
New India Co-Op Bank is rated 3.2 out of 5 stars on AmbitionBox, based on 122 company reviews.This rating reflects an average employee experience, indicating moderate satisfaction with the company’s work culture, benefits, and career growth opportunities. AmbitionBox gathers authentic employee reviews and ratings, making it a trusted platform for job seekers and employees in India.
Read more
Gender Based Ratings at New India Co-Op Bank
based on 115 reviews
3.4
Rated by 35 Women
Rated 3.4 for Work-life balance and 3.3 for Work satisfaction
3.0
Rated by 80 Men
Rated 3.2 for Work-life balance and 3.1 for Skill development
Work Policy at New India Co-Op Bank
based on 19 reviews in last 6 months
Work from office
95%
Hybrid
5%
New India Co-Op Bank Reviews
Top mentions in New India Co-Op Bank Reviews
+ 5 more
Compare New India Co-Op Bank with Similar Companies
Change Company | Change Company | Change Company | ||
|---|---|---|---|---|
Overall Rating | 3.2/5 based on 122 reviews | 4.0/5 based on 38.9k reviews | 3.9/5 based on 40.5k reviews | 3.8/5 based on 26.1k reviews |
Highly Rated for | No highly rated category | Job security Skill development Company culture | Job security Skill development | No highly rated category |
Critically Rated for | Salary Promotions Job security | No critically rated category | Promotions | Promotions |
Primary Work Policy | Work from office 95% employees reported | Work from office 91% employees reported | Work from office 84% employees reported | Work from office 79% employees reported |
Rating by Women Employees | 3.4 Average rated by 35 women | 3.9 Good rated by 10.3k women | 3.7 Good rated by 8.5k women | 3.6 Good rated by 5.6k women |
Rating by Men Employees | 3.0 Average rated by 80 men | 4.0 Good rated by 26.8k men | 3.9 Good rated by 30k men | 3.8 Good rated by 19.3k men |
Job security | 2.8 Poor | 4.1 Good | 4.0 Good | 3.7 Good |
View more
New India Co-Op Bank Salaries
New India Co-Op Bank salaries have received with an average score of 2.4 out of 5 by 122 employees.
Officer
(114 salaries)
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₹1.9 L/yr - ₹4 L/yr
Senior Officer
(32 salaries)
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₹2.7 L/yr - ₹6 L/yr
Branch Manager
(20 salaries)
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₹5 L/yr - ₹9.5 L/yr
Brach Operation Manager
(16 salaries)
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₹5.8 L/yr - ₹6.7 L/yr
Assistant Branch Manager
(14 salaries)
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₹3.4 L/yr - ₹6 L/yr
Software Engineer
(14 salaries)
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₹2.2 L/yr - ₹5.8 L/yr
Banking Officer
(13 salaries)
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₹2.1 L/yr - ₹3.5 L/yr
System Engineer
(8 salaries)
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₹2.3 L/yr - ₹7.5 L/yr
Assistant Credit Manager
(7 salaries)
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₹7 L/yr - ₹12 L/yr
Back Office Executive
(7 salaries)
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₹0.9 L/yr - ₹1.9 L/yr
New India Co-Op Bank News
View all
Urban co-op banks should be mindful of their responsibilities: RBI Governor
- The Reserve Bank of India (RBI) Governor emphasized that urban co-op banks should focus on their responsibilities.
- This statement follows a recent fraud case at Mumbai-based New India Cooperative Bank (NICB).
- The RBI has taken control of NICB's board for 12 months, citing poor governance standards.
- RBI urged urban cooperative banks to prioritize customer service, operational resilience, and financial inclusion.
HinduBusinessLine | 19 Mar, 2025
New India Co-operative Bank Case: Accused Surrenders, Six Arrests So Far
- Arunachalam Ullahanathan Maruthuvar (62) has surrendered at the EOW office in Mumbai in the New India Co-operative Bank embezzlement case.
- This is the sixth arrest in the case, with Maruthuvar receiving nearly Rs 30 crore of the misappropriated funds.
- Rs 122 crore was siphoned off from the safes of New India Cooperative Bank's offices in Mumbai.
- Several individuals, including the bank's former chairman and his wife, have been named as accused in the case.
Bloomberg Quint | 16 Mar, 2025
New India Bank case: Accused Civil Contractor Held In Police Custody Till Wednesday
- The Economic Offences Wing of the Mumbai police has arrested civil contractor Kapil Dedhia, who is accused in the embezzlement case at New India Cooperative Bank.
- Dedhia received a significant amount of the misappropriated funds and was remanded in police custody till March 19.
- The police are investigating the flow of funds and the involvement of other individuals in the case.
- Including Dedhia, a total of five individuals have been arrested so far, and many more have been named as wanted accused.
Bloomberg Quint | 15 Mar, 2025
Mumbai Police Conduct Polygraph Test On Ex-GM Of New India Cooperative Bank
- The Mumbai police conducted a polygraph test on New India Cooperative Bank Ltd.'s former general manager and head of accounts, Hitesh Mehta, who is the prime accused in the Rs 122 crore embezzlement case.
- In the last few years, Mehta is the first accused on whom the Mumbai EOW has conducted a polygraph test.
- The test lasted three hours, and as many as 50 questions were asked to Mehta, who is the prime accused in the case.
- The test reports are expected to come out before Monday (March 17), and will be presented to the court.
Bloomberg Quint | 12 Mar, 2025
Mumbai Police EOW Searches Ex-Bank Chairman's Home In Rs 122 Crore Fraud Case
- The Mumbai Police's economic offences wing has searched the residence of New India Cooperative Bank's former chairman Hiren Bhanu in connection with the embezzlement of Rs 122 crore at the lender.
- During the search, EOW recovered several documents, which police are examining.
- Mehta is not cooperating and is hiding some important facts concerning the case.
- Police have so far arrested four persons in connection with the embezzlement.
Bloomberg Quint | 6 Mar, 2025
New India Cooperative Bank Scam: Former Directors Say They Were Unaware of Fund Embezzlement
- Former directors of New India Cooperative Bank, who were summoned by the Mumbai Police's Economic Offences Wing, have claimed they were unaware of the alleged Rs 122-crore embezzlement at the bank.
- The directors, including Frederick D'Sa, Gauri Hiren Bhanu, Kurush Paghdiwalla, Milan Kothary, Shiv Kathuria, Viren Barot, and Vinit Upadhyay, stated that they had no role in the fraud.
- The ex-directors claimed that the CEO and other accused persons used to show them audit reports and assure them that everything was 'fine' at the bank.
- Four persons, including former top executives Bhanu Hiren and Gauri Bhanu, have been declared wanted in the case, while four individuals, including former General Manager Hiten Mehta, have been arrested so far.
Bloomberg Quint | 4 Mar, 2025
New India Co-Op Bank's Ex-Chairperson, Vice Chairperson Wanted In Rs 122-Crore Embezzlement Case
- The former chairperson and vice-chairperson of New India Co-Operative Bank, Hiren Bhanu and his wife Gauri Bhanu, are wanted in connection with the embezzlement of Rs 122 crore at the lender.
- The embezzlement came to light after the Reserve Bank of India inspected the lender's cash safes, following which a case was registered at Dadar police station.
- The EOW has arrested the main accused, Hitesh Mehta, the bank's general manager and head of accounts, the bank's former CEO Abhimanyu Bhoan, and real estate developer Dharmesh Paun.
- The EOW probe has found Mehta owns properties in various places in the city and outside Maharashtra, including a Rs 2 crore flat in Vikhroli and a bungalow in Valsad, Gujarat.
Bloomberg Quint | 1 Mar, 2025
New India Cooperative Bank Vault Had Capacity For Rs 10 Crore But Book Showed Rs 122 Crore: Mumbai Police
- New India Cooperative Bank's Prabhadevi branch had a capacity for Rs 10 crore in the vault, but the books showed a whopping Rs 122.03 crore during an RBI inspection.
- Mumbai Police's Economic Offences Wing has arrested three individuals, including former top executives, in connection with the alleged embezzlement of Rs 122 crore from the bank.
- Auditors found discrepancies in the cash amounts present in the vaults, where only Rs 60 lakh was found in the safe with a capacity for Rs 10 crore in the corporate office branch.
- The EOW is investigating why the auditors examining the bank's records did not raise concerns about the missing cash, prompting summons to auditing firms for statements.
- The former CEO, general manager, and a real estate developer have been arrested for their involvement in the embezzlement, which was revealed during an RBI inspection.
- A complaint was filed alleging a conspiracy to embezzle Rs 122 crore from the bank's safes in Prabhadevi and Goregaon branches, leading to the case registration and EOW probe.
- RBI has taken control of the cooperative bank's board for a year and appointed an administrator to oversee its operations in the aftermath of the financial scandal.
Bloomberg Quint | 26 Feb, 2025
New India Cooperative Bank Fiasco: Depositors Move To PSU Banks
- Depositors of New India Cooperative Bank in Mumbai are moving their accounts to public sector banks like SBI due to lack of confidence in urban cooperative banks.
- RBI placed restrictions on New India Cooperative Bank, prompting customers to shift to safer options like SBI for services such as paying bills.
- RBI's actions against the bank included superseding the board, imposing loan bans, and halting deposit withdrawals, leading to customer dissatisfaction.
- Arrests related to embezzlement of funds were made, showcasing the challenges faced by urban cooperative banks like New India Cooperative Bank.
- With a history of financial troubles in cooperative banks, depositors are wary and transitioning their accounts to more stable institutions.
- The scenario highlights a lack of faith in urban cooperative banks, with past instances like PMC Bank's downfall adding to the concerns.
- RBI's regulatory powers under Section 35A have been utilized to protect depositors from bank failures and ensure banking stability.
- Consolidation efforts have been ongoing in the cooperative banking sector to address issues and strengthen the financial system.
- The decline in the number of urban cooperative banks over the years reflects challenges in the sector and the need for reforms to enhance stability.
- Depositors' reactions to risk events like the New India Cooperative Bank fiasco indicate a healthy vigilance towards banking operations.
Bloomberg Quint | 25 Feb, 2025
RBI Allows Withdrawal Of Rs 25,000 For New India Co-operative Bank Depositors
- The Reserve Bank of India (RBI) has allowed withdrawal of up to Rs 25,000 per depositor of New India Co-operative Bank, effective from Feb.27.
- The RBI imposed business restrictions on New India Co-operative Bank and superseded the bank's board on Feb. 14 due to concerns over poor governance.
- More than 50% of total depositors will be able to withdraw their entire balances, while the rest can draw up to Rs 25,000 from their deposit accounts.
- The central bank has also reconstituted the committee of advisors to the administrator with effect from Feb. 25.
Bloomberg Quint | 24 Feb, 2025
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New India Co-Op Bank FAQs
When was New India Co-Op Bank founded?
New India Co-Op Bank was founded in 1968. The company has been operating for 57 years primarily in the Banking sector.
Where is the New India Co-Op Bank headquarters located?
New India Co-Op Bank is headquartered in Mumbai and has an office in Surat
How many employees does New India Co-Op Bank have in India?
New India Co-Op Bank currently has more than 40+ employees in India. BFSI, Investments & Trading department appears to have the highest employee count in New India Co-Op Bank based on the number of reviews submitted on AmbitionBox.
Does New India Co-Op Bank have good work-life balance?
New India Co-Op Bank has a work-life balance rating of 3.3 out of 5 based on 100+ employee reviews on AmbitionBox. 43% employees rated New India Co-Op Bank 3 or below, while 57% employees rated it 4 or above for work-life balance. This rating suggests that while some employees recognize efforts towards work-life balance, there is scope for improvement based on employee feedback. We encourage you to read New India Co-Op Bank work-life balance reviews for more details
Is New India Co-Op Bank good for career growth?
Career growth at New India Co-Op Bank is rated as poor, with a promotions and appraisal rating of 2.4. 43% employees rated New India Co-Op Bank 3 or below on promotions/appraisal. This rating reflects a negative sentiment among employees for career growth. We recommend reading New India Co-Op Bank promotions/appraisals reviews for more detailed insights.
What are the cons of working in New India Co-Op Bank?
Working at New India Co-Op Bank does have some drawbacks that potential employees should consider. The company is poorly rated for salary & benefits, promotions / appraisal and job security, based on 100+ employee reviews on AmbitionBox.
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