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economy | IST

Co-op housing societies try to shift accounts to nationalised banks after PMC Bank fiasco

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Maharashtra is home to over 80,000 co-operative housing societies -- and that is a conservative estimate. The Reserve Bank of India’s clampdown on Punjab and Maharashtra Cooperative Bank (PMC) on September 23 has hit these cooperative housing societies hard.

Maharashtra is home to over 80,000 co-operative housing societies -- and that is a conservative estimate. The Reserve Bank of India’s clampdown on Punjab and Maharashtra Cooperative Bank (PMC) on September 23 has hit these cooperative housing societies hard.
Almost all of them maintain accounts with co-operative banks and these societies are now worried. Many have begun moving their accounts to nationalised banks.
However, CNBC-TV18's Yash Jain reports that this is an uphill task. It comes with a mound of paperwork, and more importantly, a stiff financial implication.