Nearly one million Indian customers are protesting after fraud investigation launched against PMC bank. Protesters are account holders at the PMC bank, which after being investigated for fraud is not operating anymore leaving their customers in panic without access to their money.
The managing director of the bank has been arrested from the Indian police in an alleged fraud scheme of $600 million.
PMC victims have been protesting for weeks as they have only been allowed to withdraw $700 from their accounts according to BBC reports. At least 6 people died after stress caused by the desperation of having lost everything. Many people have their life savings with the bank.
Not your keys, not your coins
PMC bank is not the first neither the last to fail their costumers but it seems that recently more banks are failing every day. Protests are spreading everywhere in the world and people are losing trust in the banking system.
Banks these old financial institutions that people deposit their money in and they lend it ow do whatever they want with it without any transparency is scary. We, the people, do that because we are used to that but if we think for a second that we have not a say in the bank we deposit the money and that we need the bank authority permission to access our money the situation looks scary. Why in the world would someone deposit money in a bank with these conditions?!
Banks are the biggest thieves in human history and this should stop now. The monetary system is evolving with bitcoin, the permissionless money that is accessible 24 hours a day 7 days a week without interruption.