Discover and read the best of Twitter Threads about #PMCBank
Most recents (5)
#PMCBank is just another chapter in Banking frauds across many countries , every few years investors get duped irrespective of such fabulous efforts by thinkers to guide the citizens ,
why it happens again ?
Customers are moved by the persuasion, friendly neighbourhood system,
why it happens again ?
Customers are moved by the persuasion, friendly neighbourhood system,
one to one approach, working staff themselves are not aware what’s happening in the top deck , it’s a 9 to 5 job finally, Govt has kept information, technology and infrastructure away from the working class to a very good limit and hence the awareness is very limited
to bank with a clean and clear institution
Many current accounts are opened with large amounts at any given time because of OD , credit facilities, etc
It’s very important to educate the working class and daily wagers to be very responsible to bank only with decent and graded
Many current accounts are opened with large amounts at any given time because of OD , credit facilities, etc
It’s very important to educate the working class and daily wagers to be very responsible to bank only with decent and graded
1482 #UrbanCooperativeBanks&58 multi State Co-op Banks,to come under #RBI control now💪
#PMCBank crisis was partly due to multi-tier regulation,as seen below
Direct Supervision by RBI is a bold move-@narendramodi govt buries yet another jaded,#NehruvianRelic that fed corruption
#PMCBank crisis was partly due to multi-tier regulation,as seen below
Direct Supervision by RBI is a bold move-@narendramodi govt buries yet another jaded,#NehruvianRelic that fed corruption
Cooperative banks came partially under RBI in 1966 but faced problem of multiple regulation
Registrar of Cooperative Societies(RCS)is in control of management elections& administrative issues
Today's #CabinetApproval to bring #CooperativeBanks under #RBI is,therefore historic💪
Registrar of Cooperative Societies(RCS)is in control of management elections& administrative issues
Today's #CabinetApproval to bring #CooperativeBanks under #RBI is,therefore historic💪
Despite changes in 1966,in spirit,most #CooperativeBanks, operated as per Cooperative SocietiesAct,1955
#BankNationalisation in 1969,by #IndiraGandhi,compounded the banking-bureaucracy-politico,nexus
It took a @narendramodi,to finally rid #CooperativeBanks,from greedy #Babudom
#BankNationalisation in 1969,by #IndiraGandhi,compounded the banking-bureaucracy-politico,nexus
It took a @narendramodi,to finally rid #CooperativeBanks,from greedy #Babudom
1/n #YES bank, some thoughts and views.
This is a communication failure. You don't impose a moratorium on a major bank without a clear end game.
Markets hate uncertainty.
It will create panic. RBI's goal should be to not create unnecessary panic.
This is a communication failure. You don't impose a moratorium on a major bank without a clear end game.
Markets hate uncertainty.
It will create panic. RBI's goal should be to not create unnecessary panic.
2/n #UnintendedConsequences
50k withdrawal restriction is presumably to prevent run on the bank and buy time.
Depositors don't like arbitrary restrictions. Every depositor will withdraw 50k.
It will create a mini-run. I hope they are prepared.
50k withdrawal restriction is presumably to prevent run on the bank and buy time.
Depositors don't like arbitrary restrictions. Every depositor will withdraw 50k.
It will create a mini-run. I hope they are prepared.
3/n #WhatShouldTheyHaveDone
Get everyone in a room, and come out only with a complete solution (bailout, buyout whatever).
Has been done before by Volcker and JPMorgan.
Cannot play this out in the public domain over days. Crucial trust is lost in the banking system.
Get everyone in a room, and come out only with a complete solution (bailout, buyout whatever).
Has been done before by Volcker and JPMorgan.
Cannot play this out in the public domain over days. Crucial trust is lost in the banking system.
@MirrorNow @fayedsouza @RBI @fayedsouza Will the govt, @RBI , @nsitharaman and @gopalkagarwal explain this ?
moneylife.in/article/pmc-ba…
moneylife.in/article/pmc-ba…
@MirrorNow @fayedsouza @RBI @nsitharaman @gopalkagarwal Mr. @gopalkagarwal on this show you said you people had taken many steps to curb such frauds then please explain this moneylife.in/article/while-…
In case you're wondering how politicians use cooperative banks as their personal piggy banks, here's how it works.
#PMCbank thread 👇
#PMCbank thread 👇
Step 1: People known to politicians are appointed as directors. Can be a son/daughter/friend/peon/driver.
They're all just proxies so it doesn't matter whether they are educated or not. They don't even need to pay attention to the functioning of the bank.
They're all just proxies so it doesn't matter whether they are educated or not. They don't even need to pay attention to the functioning of the bank.
Step 2: Entice hardworking people to deposit their money in this bank.
Pretty self-explanatory.
Pretty self-explanatory.
