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A Million Bank Users Ask For Their Money, is Crypto a Viable Alternative?

As reported by NewsBTC, “Almost one million customers of an Indian bank are currently without access to the money 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. “The bank in question has been under investigation for fraud and […]

By Chris Sykora · November 13, 2019
A Million Bank Users Ask For Their Money, is Crypto a Viable Alternative?

As reported by NewsBTC, “Almost one million customers of an Indian bank are currently without access to the money 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.

“The bank in question has been under investigation for fraud and Mumbai police have arrested several of its executives. Customers have been only allowed to withdraw a maximum of $700 from accounts and many fear losing their life savings.

“As reported by the BBC, protests over the harsh withdrawal limits imposed by India’s Punjab and Maharashtra Co-operative Bank have been going on for weeks now. The bank is suspected of fraud amounting to $600 million. Police arrested senior members of the institution in Mumbai, the financial heart of India, last month.

“Since the arrests, restrictive withdrawal limits have been placed on bank customers. Customers have been only permitted to take out $700 of their own money. Many of those impacted say they fear losing everything they deposited at the bank…
“…For the most part, people take banks for granted. Questions only arise about the amount of control they have over their users when something goes wrong. After all, a bank needs to grant permission to a customer for them to setup an account, deposit, transfer, or withdraw their own money. Of course, they usually do. However, in times of crisis, banks have a habit of being less forthcoming with customer funds. Crypto assets, meanwhile, do not require any such permissions…”

Continue to see the full story at NewsBTC.