30 September, 2019
3 Min Read
GS-III: Trust deficit
It has been a nightmare of a week for thousands of customers of the Punjab and Maharashtra Co-operative Bank (PMC),who were told last Tuesday by the RBI that no more Rs.1,000 could be withdrawn from their accounts for a period for 6 months.
What are the implications of the decision?
What went wrong?
RBI shares regulatory responsibilities over such banks with stares register of co-operative society further mires the problem .With over 1,500 urban co-operative banks operating the country and a few of them already under RBI imposed restrictions , a new road map is essential for their future course.
Source: THE HINDU
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