The Punjab and Maharashtra Co-operative (PMC) Bank crisis, which has left lakhs of depositors unable to access their lifetime’s savings, has alarmed customers of other banks as well. An ET Wealth survey has revealed how much the confidence of banking customers has taken a beating.But there is reassuring news as well. The majority of respondents (over 71%) who are dissatisfied with their banks say their confidence in their banks was affected due to the crisis. Over 44% of respondents, who are PSU bank customers, said they were dissatisfied with their bank. Nearly 66% of dissatisfied respondents in the ET Wealth survey pointed to their banks’ unwillingness to pass on the policy rate change benefits promptly.

Source: Economic Times November 18, 2019 00:56 UTC