Indian Customers Risk Losing Their Cash To A Failing Banking System
Nearly one million Indian bank customers cannot access their cash they deposited to their bank. The incident was just a proof of how the banking system is experiencing shortcomings and the improvements that could be made if crypto was given the opportunity.
The bank has been under scrutiny for fraud allegations, and the Mumbai police have already arrested several executives.
Indian Bank Fraud Categorically Shows the Usefulness of Crypto
According to the BBC, protests are being held by Indians, and the trend is still ongoing. They are protesting over harsh withdrawal limits. The Maharashtra and Punjab Co-operative Bank brought the stringent withdrawal terms. The bank is alleged to have committed fraud worth $600 million. Police have already brought to book senior personnel from the bank in Mumbai, which is India's financial heart, in October.
After the arrests were made, the bank imposed substantial withdrawal limits for its customers. They are now allowed to withdraw only $700 of their cash. Most of the customers express fear that they are going to lose their hard-earned money.
A video from the scene of protests was published by BBC talking to the affected customers. Interviews held with the bank’s customers told a sad tale. They all spoke about injustice and heartbreaks from the bank's resolutions. There was a man who was 77 years old, and he claimed that the bank had all his life savings.
Another man said that the fear of losing everything impacted negatively on some people as some have committed suicide, and some have had heart attacks and were already dead. Many people will only question on issues when something has happened and has affected their finances. A bank needs to give you access to your funds at any given time for withdrawals or transfers.
However, when an incident happens, most banks will withhold a customer's money, which is against the customer's will. But with crypto assets, there are no such permissions. You will have access to your assets at any time.