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India

A million bank customers ask: Where is our money? – BBC News

Nearly a million angry customers of India’s Punjab and Maharashtra Co-operative bank are panicking as they struggle to access their money. The bank is under investigation for alleged fraud totalling $500m (£390m), with police in India’s financial capital Mumbai arresting its managing director last month. Its customers, who have been …

The risks from India’s rotten banks – A big stink on the brink

A slow-motion financial crisis threatens the country’s economic future Imagine a central bank tweeting that, yes, there are rumours of “certain” banks facing deposit runs but “there is no need to panic”. Would you feel reassured? That is the unenviable position Indians found themselves in last week as a financial storm …