One million customers of an Indian Bank are currently without access to the money that they deposited with the institution. The incident serves as yet another reminder of the shortcomings of the current banking system and the potential improvements offered by crypto.
It has been analyzed that the bank in question has been under investigation for fraud and Mumbai police have arrested several of its executives.
However, customers have been only allowed to withdraw a maximum of $700 from accounts and many fears losing their life savings.
It has been reported by the BBC that protests over the harsh withdrawal limits imposed by India’s Punjab and Maharashtra Co-operative Bank have been going on for weeks now, as a million angry customers are panicking because of struggling to access their money.
Likewise, the bank is under investigation for alleged fraud totaling $600m (£466m), with police in India’s financial capital Mumbai arresting its managing director last month.
Since the arrests, restrictive withdrawal limits have been placed on bank customers. Similarly, customers, who have been protesting for weeks, have been only permitted to take out $700 of their own money from their accounts.
Many of those impacted say that they fear losing everything they deposited at the bank.
The BBC published a video from the scene of the protests, where one 77-year-old man told reporters that his entire life savings were in the bank.
Thus, in the meantime, another man spoke about how the fear of losing everything had impacted several more vulnerable individuals:
“Six people have lost their lives – one suicide and five people out of a heart attack. How long is our government going to really keep quiet?”