Slowdown or not, these India’s banks and shadow banks are in trouble
PMC Bankis known to have lent to HDIL using over 20,000 bogus accounts. Laxmi Vilas Bank’s directors are being investigated in a case of missing FDs. DHFL’s senior citizen investors are left in the lurch as it is being investigated by police for underworld links.
- Religare Finvest alleged that the former promoters— the SIngh brothers — have stripped the company of its assets.
PMC Bank, a large
There is more to worry about as other banks might be in the throes of trouble as well. The banking regulator the Reserve Bank of India (RBI) admitted that ₹71,500 crore worth of bank frauds have been detected in 2018-19. To remedy this situation, yesterday the Central Bureau of Investigation (CBI) started conducting raids across 11 states in the country yesterday, in hopes of recovering what banks had lost.
Here are the troubles that rocked the banking sector this year.
PMC Bank crisis results in the death of its depositors
Lakshmi Vilas Bank and the case of missing FDs
Ranbaxy brothers stripped Religare’s assets and lay it bare
DHFL and the case of vanishing senior citizen pensions
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