One year after PMC Bank scam: Are there any lessons learnt?Financial MESS
(WorldNews Business)

The Indian financial system was in focus last year. Many have been worried about the stability of the financial system (both banks and non-banks). Before the Covid-19 moratorium set in, three financial institutions -- a bank, an urban co-operative bank, and a shadow bank -- either collapsed or were saved from the brink of collapse. Yet, it seems, hardly any lessons were learnt. On the evening of September 23, 2019, the Reserve Bank of India (RBI) decided to crack down on one of the big-ticket co-operative banks in India -- Punjab and Maharashtra Co-operative Bank (PMC Bank). The bank account holders were not allowed to withdraw more than Rs 1,000 from their accounts during this period of...