India bank run underway after $2B scam at state-run bank prompts bailout bill

“Indians are concerned that a proposed bill, which gives regulators the option to use public deposits to bail out a bank that goes bust, is pushing individuals to hoard cash. The government has repeatedly issued statements to assure the public that their money would be safe.  These concerns are heightened by news that emerged in February of a $2 billion fraud at state-run Punjab National Bank, where a jeweler allegedly colluded with a bank employee to siphon off money before leaving the country.”

Read more: https://www.bloomberg.com/news/articles/2018-04-18/-risky-cash-crunch-pushes-india-to-defend-its-scam-hit-banks

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