Bank Crisis Spreads in India – Deaths, Strike, Supreme Court Denial

The Indian banking sector is facing multiple challenges. Customers of several cooperative banks are still struggling to withdraw their money, and deaths have been reported in connection with withdrawal restrictions. Meanwhile, some 300,000 state-run bank employees are on strike against what the bank unions call “cold-blooded murder of six banks.”

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PMC Bank Crisis Worsens

Customers of Mumbai-based Punjab and Maharashtra Cooperative (PMC) Bank, which has 137 branches in six states, are still struggling to withdraw their money. It has been almost a month since the central bank, the Reserve Bank of India (RBI), first placed regulatory restrictions on the bank, but depositors say their troubles have only worsened, PTI reported Monday.

According to CNN-News18, RBI officials met a delegation of PMC Bank customers, 100 of whom protested outside of central bank’s headquarters Sunday. “We…