BusinessIn Absence Of Funds, PMC Bank Depositors Survive On Loans, Charity
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In Absence Of Funds, PMC Bank Depositors Survive On Loans, Charity
Withdrawal limit for PMC depositors now stands at Rs 100,000 per person
Co-operative banks are less regulated, compared to commercial banks
PMC's top officials and the owners of a realty company are under arrest
The liquidity risks have increased for the non-bank financial companies.
In February, 82-year-old Kishan Lal appealed to India's finance minister for help, saying in a Twitter message he was ready to donate his kidney and eyes if someone could help arrange funds to treat his daughter, who had a brain tumour. The Lals had enough savings to tide over the medical crisis - more than Rs 25 lakh ($33,450) in Punjab & Maharashtra Co-operative (PMC) Bank