PMC rerun in Karnataka as Deccan Urban Bank goes bust; RBI caps withdrawal at Rs. 1,000

It is reported that a rerun of the PMC in Karnataka, Deccan Urban Bank has now gone bust, and has capped the withdrawal at Rs. 1,000 and restrictions are being put on the Deccan Urban bank from granting fresh new loans and accepting deposits. PMC bank account holders had to stand in line protesting only to get their own money. The real question is, Who has let the Deccan bank operations drown? It is said that 99.58 investors should not worry about it as their investments are under insurance schemes, however the cap has been imposed on the money being withdrawn for the next six months.
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