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

The Indian banking sector is dealing with a number of challenges. Prospects of a number of cooperative banks are nonetheless struggling to withdraw their cash, and deaths have been reported in reference to withdrawal restrictions. In the meantime, some 300,000 state-run financial institution staff are on strike towards what the financial institution unions name “chilly-blooded homicide of six banks.”

Additionally learn: Indian Finance Minister Solutions Crypto Questions at IMF Assembly

PMC Bank Crisis Worsens

Prospects of Mumbai-based mostly Punjab and Maharashtra Cooperative (PMC) Bank, which has 137 branches in six states, are nonetheless struggling to withdraw their cash. It has been nearly a month because the central financial institution, the Reserve Bank of India (RBI), first positioned regulatory restrictions on the financial institution, however depositors say their troubles have solely worsened, PTI reported Monday.

In response to CNN-Information18, RBI officers met a…

Read full story