The crisis has elevated at the cooperative bank recently placed under regulatory restrictions by India’s central bank. Multiple branches have been raided and several arrests were made. However, the RBI continues to impose a withdrawal limit, preventing bank customers from accessing their savings. The bank has 137 branches across India.
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Bank Raided, Executives Arrested
Since the Reserve Bank of India (RBI) placed regulatory restrictions on Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) Ltd., more events have transpired. Major developments have led to an alleged Rs 4,355 crore (~$615 million) bank fraud, raids, and the arrest of executives. PMC Bank is a major cooperative bank in India with 137 branches across multiple states and over Rs 11,000 crore in deposits, local media detailed.
Four people have been arrested by the Mumbai police in connection with the case so far. The latest in police custody is former PMC Bank chairman Waryam Singh, who…