PMC Bank in India restricts all account holders from withdrawing more than $14 for the next 6 months

via indiatimes:

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MUMBAI: The Reserve Bank of India has ordered Punjab and Maharashtra Co-operative (PMC) Bank not to do any business for six months and capped depositor withdrawals at Rs 1,000, throwing the lives of thousands of traders, self-employed and daily wage earners into disarray. The regulator has also appointed an administrator for the bank.

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Defaults appear to have surged in the past six months amid tight economic conditions and some lumpy loans to real estate companies located in the financia ..

 

 

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