A day after imposing several restrictions on Mumbai-based New India Co-operative Bank, the Reserve Bank of India (RBI) on Friday superseded its board citing poor governance standards, news agency PTI reported.

A large number of the bank's depositors had gathered at its branches on Friday following RBI's restrictions, which included a bar on issuing new loans and suspension of the deposit withdrawals for six months. The bank has 28 branches, mostly located in the Mumbai region.