Bank Crisis Hits India: "Bank Stops Functioning, People Crying Outside Bank Branches"

[willrocks]

Bank Crisis Hits India: "Bank Stops Functioning, People Crying Outside Bank Branches"

The Punjab Maharashtra Co-operative Bank (PMC), in India, has been caught cooking the books and misreporting non-preforming loans (NPL) of Mumbai-based real estate developer Housing Development and Infrastructure Ltd (HDIL). As Reuters reports, PMC hid the bad loans with 21,000 fictitious accounts, which has spooked depositors, investors and government officials,

https://www.zerohedge.com/markets/b...nctioning-people-crying-outside-bank-branches

https://twitter.com/imMAK02/status/1179625870882816001?ref_src=twsrc^tfw|twcamp^tweetembed|twterm^1179625870882816001&ref_url=https://www.zerohedge.com/markets/bank-crisis-hits-india-bank-stops-functioning-people-crying-outside-bank-branches

https://twitter.com/Mehboobp1/statu...nctioning-people-crying-outside-bank-branches

 

[ddevil]

Goodness! That is really messed up & yet another reason to minimise what you keep in the bank

 

[boneyard]

 

[Shaddam IV]

The government didn't help when they destabilised the economy by stripping the cash savings of hundreds millions of poor people. Anything that impulses an economy like that is going to cause a wobble.

 

[willrocks]

The government "It'll be over in a week". Final payments received 15 years later, only 50% of lost deposits.

https://en.wikipedia.org/wiki/Pyram...Building Society, the,in excess of $2 billion.

 

[JulieW]

"Don't be alarmed. Don't overreact."

Uh Huh.

I remember Pyramid. Dark days made darker by Labor's incompetence in letting Pyramid go down. I didn't think much of Kennett's government, but his approach as leader of the opposition trying to prevent the collapse was exemplary.

 

[bron.suchecki]

You'd think "pyramid" in the name would have been a tip off.

 

[Oddjob]

Courtesy of the "Late Show" circa 1990/91.