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New India Co-Op Bank
3.1
based on 114 Reviews
Company Overview
Company Locations
Working at New India Co-Op Bank
Company Summary
0
Overall Rating
3.1/5
based on 114 reviews
18% below
industry average
Critically rated for
Promotions, Salary, Company culture
Work Policy
Work from office
100% employees reported
Alternate Saturday off
45% employees reported
Strict timing
60% 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 114 reviews
Overall Rating
3.1/5
How AmbitionBox ratings work?
5
33
4
32
3
19
2
7
1
23
Category Ratings
3.2
Work-life balance
3.1
Skill development
3.0
Job security
3.0
Work satisfaction
2.9
Company culture
2.4
Salary
2.3
Promotions
New India Co-Op Bank is rated 3.1 out of 5 stars on AmbitionBox, based on 114 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 107 reviews
3.2
Rated by 33 Women
Rated 3.1 for Work-life balance and 3.0 for Job security
3.1
Rated by 74 Men
Rated 3.3 for Work-life balance and 3.1 for Skill development
Work Policy at New India Co-Op Bank
based on 11 reviews in last 6 months
Work from office
100%
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 | 3.1/5 based on 114 reviews | 4.0/5 based on 38.2k reviews | 3.8/5 based on 3.9k reviews | 4.0/5 based on 1k reviews |
Highly Rated for | No highly rated category | Job security Skill development Company culture | Job security Salary | Job security Salary |
Critically Rated for | Promotions Salary Company culture | No critically rated category | No critically rated category | No critically rated category |
Primary Work Policy | Work from office 100% employees reported | Work from office 91% employees reported | Work from office 82% employees reported | Work from office 86% employees reported |
Rating by Women Employees | 3.2 Average rated by 33 women | 3.9 Good rated by 10.1k women | 3.8 Good rated by 823 women | 4.1 Good rated by 108 women |
Rating by Men Employees | 3.1 Average rated by 74 men | 4.0 Good rated by 26.4k men | 3.8 Good rated by 2.7k men | 3.9 Good rated by 791 men |
Job security | 3.0 Average | 4.1 Good | 4.1 Good | 4.3 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 114 employees.
Officer
(112 salaries)
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₹1.9 L/yr - ₹4 L/yr
Senior Officer
(29 salaries)
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₹2.7 L/yr - ₹6.4 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 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
Credit Officer
(7 salaries)
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₹2.7 L/yr - ₹6 L/yr
New India Co-Op Bank News
View all
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
Mumbai Police Arrests Ex-CEO Abhimanyu Bhoan In ₹122 Cr New India Co-operative Bank Scam
- Former CEO Abhimanyu Bhoan has been arrested by Mumbai Police in the ₹122 crore New India Co-operative Bank scam.
- Bhoan is the third accused in the case, suspected of involvement in mismanagement and fraudulent transactions.
- The scam involves allegations of misappropriation of funds by the bank's general manager Hitesh Mehta.
- The Reserve Bank of India has imposed withdrawal restrictions on the bank, allowing set off of loans against deposits.
Startup Pedia | 22 Feb, 2025
New India Cooperative Bank's Cash Retention Limit Was Rs 20 Crore, On Books Rs 133 Crore
- New India Cooperative Bank's cash retention limit of Rs 20 crore was exceeded, with the books showing Rs 133 crore.
- The physical check of the safe showed that the amount in it was less than the stipulated retention limit.
- The bank's general manager, former CEO, and a real estate developer have been arrested in the embezzlement case.
- The Economic Offences Wing is investigating discrepancies and the capacity of the safe to hold such a large amount.
Bloomberg Quint | 22 Feb, 2025
Former CEO Of New India Co-Operative Bank Arrested In Rs 122 Crore Embezzlement Case
- The former CEO of New India Co-Operative Bank, Abhimanyu Bhoan, has been arrested in a ₹122 crore embezzlement case.
- The arrest was made by the Economic Offences Wing of Mumbai Police.
- The alleged misappropriation of funds was discovered during an inspection by the Reserve Bank of India.
- Previously, the bank's general manager, Hitesh Mehta, and developer Dharmesh Paun were also arrested in the case.
Bloomberg Quint | 21 Feb, 2025
NICB collapse: RBI’s SK Marathe calls for urgent action on dynastic control in UCBs
- The collapse of the New India Cooperative Bank (NICB) has highlighted issues of dynastic control, debased work culture, and absence of checks and balances.
- RBI's SK Marathe attributes the bank's collapse to the dysfunctional Board of Management (BoM) and the lack of vigilance from shareholders.
- NICB has been subjected to RBI's directions, prohibiting loan grants, investments, and incurring liabilities without prior approval.
- The RBI has superseded the NICB's Board of Directors, replacing them with an Administrator and a Committee of Advisors to manage the bank for a year.
HinduBusinessLine | 18 Feb, 2025
New India Co-op Bank scam: Tarring all co-op banks with the same brush not right, says DEA Seth
- The Department of Economic Affairs (DEA) Secretary, Atanu Chakraborty, has stated that painting all co-operative banks with the same brush due to the recent fraud in New India Co-operative Bank is not right.
- He emphasized that co-operative banks are well regulated and have strong regulations governing them.
- The RBI has enhanced powers to regulate co-operative banks and will take action where weaknesses are found.
- The RBI has issued directions to New India Co-operative Bank, including restrictions on granting loans and withdrawals, following the recent fraud in the bank.
HinduBusinessLine | 17 Feb, 2025
Developer Arrested In Rs 122 Crore New India Co-Operative Bank Scam
- The developer Dharmesh Poun has been arrested in connection with the Rs 122 crore New India Co-Operative Bank scam.
- Investigations revealed that Poun received Rs 70 crore of the embezzled funds in installments from the main accused, General Manager Hitesh Mehta.
- Last week, the Reserve Bank of India (RBI) superseded the bank's board due to concerns about poor governance and imposed restrictions on the bank.
- The RBI has appointed a former chief general manager of State Bank of India (SBI) as the administrator to oversee the bank's operations.
Bloomberg Quint | 16 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 3.2 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 2.3. 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 promotions / appraisal, salary & benefits and company culture, based on 100+ employee reviews on AmbitionBox.
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