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Posts tagged as “PMC Bank”

What can we learn about ownership custody of money from the PMC bank case!

There are many types of money and many ways to store that money. Whether you really own and control that money you see on the screen when you check your bank balance is a completely different thing. For fiat currency or for crypto, understanding the concept of custody and ownership of money is crucial to safeguard your wealth – be it Rupees, Gold, Dollars or Bitcoin. Fiat money is considered…

137 Branches of A Single Bank cannot Allow Withdrawal of more than 1000 INR per Account

Update: RBI has increased the limit of withdrawal per account to INR 10000. The Reserve Bank of India has put restrictions on a Mumbai based Bank Punjab and Maharashtra Co-operative (PMC) Bank. Account holders can withdraw a sum of only upto INR 1000 from each account. PMC Bank recently reported a business of INR 20000 Crore, however the RBI has found irregularities in the business of the bank and hence…