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Old 1st November 2019, 18:11   #76
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Default Re: PMC Bank: How bank closures & scams affect common men. Why is the protection only up to Rs 1 lak

I think the root cause of this problem is lack of awareness. All my life, most of my education was about how to get employed and make money. I have received no formal, basic education about what to do with the money that is earned. I think personal finance should be made a mandatory subject, atleast in our secondary education. If more and more people are made aware of various saving and investment instruments, we will see people making better choices.
I do not see any need for urban co-operative banks to exist. I recently moved in to a housing society (I have lived in an independent house all this while) and was shocked to find out that, the society is mandated to hold its account only with a co-operative bank. I do not understand the need for this regulation to exist. Any institution which is involved in banking activities should be under the sole supervision of the RBI, and not under dual regulation like these co-operative banks.
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Old 2nd November 2019, 20:04   #77
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Default Re: PMC Bank: How bank closures & scams affect common men. Why is the protection only up to Rs 1 lak

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Originally Posted by msk016 View Post
I do not see any need for urban co-operative banks to exist. ... Any institution which is involved in banking activities should be under the sole supervision of the RBI, and not under dual regulation like these co-operative banks.
They have a reason to exist since some sections of the people need their personalised services, that too in their local language.

But RBI should not allow them to be called as "banks", as this word gives a wrong sense of security. Instead they can be called, for example, "co-operative finance institutions" and with standard disclaimers, like they have in cigarette packs, and mutual fund ads.
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Old 4th November 2019, 13:35   #78
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Default Re: PMC Bank: How bank closures & scams affect common men. Why is the protection only up to Rs 1 lak

Below is a link to an article published by Mr R. Balakrishnan. Is about PMC bank per say, but what needs to be done in order to clean up the banking system overall. In my opinion, he is one of the most credible and ethical person in the field of finance.


https://www.moneylife.in/article/nee...ign/58554.html
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Old 20th November 2019, 22:11   #79
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Default Re: PMC Bank: How bank closures & scams affect common men. Why is the protection only up to Rs 1 lak

This is something being done by MoneyLife Foundation, to help anyone in Bangalore who might have money in PMC bank.

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PMC Bank Depositors in Bengaluru, Do you want to be part of a petition to get action with NO COST TO YOU? If yes, Pls connect with foundation@moneylife.in urgently

Write with the following details (proofs can be submitted later).
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Old 6th March 2020, 01:38   #80
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Default Re: PMC Bank: How bank closures & scams affect common men. Why is the protection only up to Rs 1 lak

RBI has capped withdrawal limit of Rs. 50000 on Yes Bank and supersedes the Board. Here is the news link
The net banking is down and withdrawal or transfer seems to be impossible as of now
Similar withdrawal cap was done on PMC Bank, anyone has any information if investors got back their deposits?

Last edited by UMe : 6th March 2020 at 01:59.
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Old 6th March 2020, 06:39   #81
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Default Re: PMC Bank: How bank closures & scams affect common men. Why is the protection only up to Rs 1 lak

The Central Government issued a Gazette Notification with regard to Yes Bank yesterday. Yes Bank was in news but never knew that it would lead to an imminent collapse.
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Old 6th March 2020, 11:18   #82
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Default Re: PMC Bank: How bank closures & scams affect common men. Why is the protection only up to Rs 1 lak

Is there any change in the deposit protection from earlier 1 lac? I see an article on TOI, but could not find a RBI circular on it.
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