An organisation representing depositors of the New India Co-Operative Bank, hit by alleged embezzlement of Rs 122 crore, have submitted a petition to the Reserve Bank of India, seeking immediate measures to revive the bank for ending their financial hardships. In the petition, the organisation said it suspects that "deeper financial irregularities like undisclosed non-performing assets (NPAs) or additional frauds could be contributing to the crisis". On February 15, the Economic Offences Wing (EOW) of the Mumbai police arrested Hitesh Mehta, General Manager and Head of Accounts of the New India Cooperative Bank, for allegedly misappropriating Rs 122 crore from the bank. Two days prior to that, the RBI had imposed several restrictions on the bank, including on withdrawal of funds by depositors, citing supervisory concerns emanating from the developments in the bank, and to protect the interest of its depositors. A day later, it superseded the cooperative bank's board for a year and .