RBI allows only Rs1000 withdrawal for Punjab Maharashtra Co-Op bank customers for 6 months

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6pack

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www.hindustantimes.com

‘Ridiculous… it’s festival season’: PMC bank customers on ₹1000 cap

The Reserve Bank of India has put restrictions on Mumbai branches of Punjab and Maharashtra Co-operative Bank Ltd (PMC) for six months with effect from September 23. Among the curbs that come just ahead of the festival season is a cap of ₹1000 on withdrawals.
www.hindustantimes.com www.hindustantimes.com

How people lose their money in co-op banks. Some one else does crores of loot by taking loans and not paying them and ordinary people get shafted.
 
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This guy was trolling RaGa. Feel sad for bhakts like him .

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I would really like to know with good public and private banking in most places now, why have accounts in such banks ? I never heard of this bank before.
Just 1k withdrawal for next 6 months, isn't it a violation of rights of customer of not having access to their own money.
 
Why have accounts in banks at all. Govt, banks , IT are made to screw us over. Bitcoin is the answer. More the merchants accepts bitcoin and more people keep money in bitcoin, govt, Banks, will lose access to funds. They just can't do anything. No one controls BTC. **** banks.
 
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6pack said:
yeah. But these guys will still blame Congress etc for their misfortune.
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It has started . One side govt slapped cases on sharad pawar ( who doesn't have anything to do with this bank) and BJ Itcell propaganda started misrule of 15 years by inc-ncp combine. Afaik it's bjp-ss that was governing (mis?) Mah previous govt?
 
chetansha said:
It has started . One side govt slapped cases on sharad pawar ( who doesn't have anything to do with this bank) and BJ Itcell propaganda started misrule of 15 years by inc-ncp combine. Afaik it's bjp-ss that was governing (mis?) Mah previous govt?
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Actually, it was Con/NCP in power from 2000-2014.
And the case against the Pawars is mandated by the HC, with relation to a different Co-Op Bank.
NABARD and the EOW had mandated the case.
www.news18.com

ED Files Money Laundering Case against NCP's Sharad Pawar, Nephew Ajit Pawar in Maharashtra Bank Scam - News18

The Mumbai Police last month had registered an FIR against Ajit Pawar and other functionaries in the case on the directions of the Bombay High Court.
www.news18.com www.news18.com

Please read before outraging.
 
I was anyways planning to open a bank account with a different Bank. I currently have salary account with ICICI and NRE (or O, not sure) account with Bank Of Baroda. I plan to close this BOB account once my home loan payment is done. I am planning to open the new account in HDFC, is that a good option? I intend to transfer bunch of money from my salary account to HDFC every month so ICICI one has less money as that is the one whose credit and debit card is used by me everywhere. I intend to *NOT* use the debit card of HDFC unless it is absolutely required.

Does this sound like a good idea ?
 
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In money issues, diversification is always better. Hence spread your asset over different banks and varieties/plans/schemes.
 
raksrules said:
I was anyways planning to open a bank account with a different Bank. I currently have salary account with ICICI and NRE (or O, not sure) account with Bank Of Baroda. I plan to close this BOB account once my home loan payment is done. I am planning to open the new account in HDFC, is that a good option? I intend to transfer bunch of money from my salary account to HDFC every month so ICICI one has less money as that is the one whose credit and debit card is used by me everywhere. I intend to *NOT* use the debit card of HDFC unless it is absolutely required.

Does this sound like a good idea ?
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Not sure how good the idea is. My brother has his salary a/c in Axis bank. He never used his Debit card. As soon the salary is deposited he moves it to his SBI a/c. Once he did not transfer to SBI for a week and all his money was gone. It was spent by someone using his debit card for buying mobile recharges.
 
6pack said:
www.hindustantimes.com

‘Ridiculous… it’s festival season’: PMC bank customers on ₹1000 cap

The Reserve Bank of India has put restrictions on Mumbai branches of Punjab and Maharashtra Co-operative Bank Ltd (PMC) for six months with effect from September 23. Among the curbs that come just ahead of the festival season is a cap of ₹1000 on withdrawals.
www.hindustantimes.com www.hindustantimes.com

How people lose their money in co-op banks. Some one else does crores of loot by taking loans and not paying them and ordinary people get shafted.
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And the FM recently said banks should make loans....
 
skoka123 said:
Not sure how good the idea is. My brother has his salary a/c in Axis bank. He never used his Debit card. As soon the salary is deposited he moves it to his SBI a/c. Once he did not transfer to SBI for a week and all his money was gone. It was spent by someone using his debit card for buying mobile recharges.
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You mean that he lost money from his Axis account? And he never used his Debit card online I am guessing or in ATM ? I am not sure how it can all be just "gone". Any chance he used the debit card at at ATM where the skimmer was installed and someone stole his debit card info? Because this has happened with my brother recently where in someone withdrew 20K from his YES Bank account while the card was with him. Currently yes bank is investigating.
 
I should mention Canara bank limited ATM withdrawals to 10k. Any more requires an OTP.

Further i had the ATM refuse once between 11 and 12 am apparently as that's when most frauds occur.
 
raksrules said:
You mean that he lost money from his Axis account? And he never used his Debit card online I am guessing or in ATM ? I am not sure how it can all be just "gone". Any chance he used the debit card at at ATM where the skimmer was installed and someone stole his debit card info? Because this has happened with my brother recently where in someone withdrew 20K from his YES Bank account while the card was with him. Currently yes bank is investigating.
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He swears he has not even opened the envelope that has the Debit card. He went to the bank to question them. They said he should go the cyber crimes police which he did for some time and then left it. The lady at the bank he spoke said that even she lost her money this way. Clearly someone on the inside has leaked the card details.

The amount he lost was some salary bonus and not his monthly salary (as that had a standing instruction to be transferred to SBI). This was around 4 to 5 years ago. The mobile recharges were all done online and my brother only got SMS messages of debit charges but he did not bother to check them. When we started getting one after other in quick succession he got suspicious and looked at his phone and saw the debit charges. By the time he logged to net banking account only some 100 odd Rs were left in his account. How did the scamster get the OTP? I am not able recall all the details now. May be the recharges were done from outside the country that did not require OTP! Was OTP mandatory for online transaction 5 years ago? I am not able to recall much of it as he lost only around 15K and it was over 5 years ago.
 
skoka123 said:
The amount he lost was some salary bonus and not his monthly salary (as that had a standing instruction to be transferred to SBI). This was around 4 to 5 years ago. The mobile recharges were all done online and my brother only got SMS messages of debit charges but he did not bother to check them. When we started getting one after other in quick succession he got suspicious and looked at his phone and saw the debit charges. By the time he logged to net banking account only some 100 odd Rs were left in his account. How did the scamster get the OTP? I am not able recall all the details now. May be the recharges were done from outside the country that did not require OTP! Was OTP mandatory for online transaction 5 years ago? I am not able to recall much of it as he lost only around 15K and it was over 5 years ago.
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We discussed this some time back. It's called sim card cloning.

in effect you have a gang with operatives in the bank as well as the mobile operator.
 
May be not a question easy to answer but how many banks should one diversify their money in? Problem I have is that if I maintain savings account in (hypothetically) 5 banks, I will need to have 50K blocked full time as I have to maintain 10K in each account as average monthly balance. I know some banks allow less or 0 balance provided I have some 1.5 Lakh FD or so with them. But say I don't do that then 50K is blocked.
I avoid small time banks or ones which don't have big presence and usually try to go with big names only.
 
raksrules said:
May be not a question easy to answer but how many banks should one diversify their money in? Problem I have is that if I maintain savings account in (hypothetically) 5 banks, I will need to have 50K blocked full time as I have to maintain 10K in each account as average monthly balance. I know some banks allow less or 0 balance provided I have some 1.5 Lakh FD or so with them. But say I don't do that then 50K is blocked.
I avoid small time banks or ones which don't have big presence and usually try to go with big names only.
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2 banks at least. I would trust SBI as 1 since it's the biggest PSU bank. Second, a private bank either HDFC ( preferred ) or Axis as they are the biggest in terms of assets and revenues. I am not including ICICI since the Kochhar issue.
 
raksrules said:
May be not a question easy to answer but how many banks should one diversify their money in? Problem I have is that if I maintain savings account in (hypothetically) 5 banks, I will need to have 50K blocked full time as I have to maintain 10K in each account as average monthly balance. I know some banks allow less or 0 balance provided I have some 1.5 Lakh FD or so with them. But say I don't do that then 50K is blocked.
I avoid small time banks or ones which don't have big presence and usually try to go with big names only.
Click to expand...
Minimum balance is still Rs.1000/- in Canara Bank but as blr_p mentioned they had limited ATM withdrawal to Rs.10,000 earlier but I was able to withdraw around 30K last week without any OTP. Maybe it is area specific, not sure.
 
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