Category: pmc bank

Bank Crisis Spreads in India – Deaths, Strike, Supreme Court Denial

Bank Crisis Spreads in India - Deaths, Strike, Supreme Court DenialThe Indian banking sector is facing multiple challenges. Customers of several cooperative banks are still struggling to withdraw their money, and deaths have been reported in connection with withdrawal restrictions. Meanwhile, some 300,000 state-run bank employees are on strike against what the bank unions call “cold-blooded murder of six banks.” Also read: Indian Finance Minister […]

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Bank Raided, Arrests Made But RBI Still Restricts Withdrawals

Bank Raided, Arrests Made But RBI Still Restricts WithdrawalsThe crisis has elevated at the cooperative bank recently placed under regulatory restrictions by India’s central bank. Multiple branches have been raided and several arrests were made. However, the RBI continues to impose a withdrawal limit, preventing bank customers from accessing their savings. The bank has 137 branches across India. Also read: RBI Ban Stops […]

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RBI Ban Stops Indian Police From Cashing Out Seized Crypto

RBI Ban Stops Indian Police From Cashing Out Seized CryptoThe effects of banking restrictions by the Reserve Bank of India (RBI) have reached an Indian police department. The police sold some cryptocurrencies they seized only to find out that they cannot access the Rs 8.42 crore (~$1.2 million) proceeds due to the current RBI banking ban. Also read: India’s Popular ‘Who Wants to Be […]

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New Evidence Escalates Panic as RBI Still Limits Bank Withdrawals

New Evidence Escalates Panic as RBI Still Limits Bank WithdrawalsCustomers of a cooperative bank with 137 branches across India still do not know the fate of their money, which was restricted by the central bank. Evidence of alleged bank fraud has since surfaced, but the RBI still insists that India’s banking system is safe, despite many citizens being unable to withdraw their money. Also […]

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Protests Led RBI to Raise PMC Bank’s Withdrawal Limit

Protests Led RBI to Raise PMC Bank's Withdrawal LimitThe Reserve Bank of India has relaxed the withdrawal limit of 1,000 rupees (approximately $14) it placed on a cooperative bank a couple of days ago. The central bank said it aims to reduce the hardship of depositors after many heavy protests followed its original order. Also read: Panic at 137 Bank Branches as RBI […]

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Panic at 137 Bank Branches as RBI Limits Withdrawals to ₹1,000

Panic at 137 Bank Branches as RBI Limits Withdrawals to 1,000 RupeesThe Reserve Bank of India has imposed regulatory restrictions on a cooperative bank with 137 branches across India, including limiting customer withdrawals to a total of 1,000 rupees (approximately $14) per account for six months. Police personnel had to be deployed to control angry customers at some locations. Also read: Indian Parliament Member Helping Crypto […]

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