The mess called cooperative banks

Either co-operative banks or their depositors should be required to buy commercially priced deposit insurance above the level insured by the statutory cover

“Should I shift my money to a nationalised bank?” This question, coming from our domestic help, put me in a tight spot. After all, it was on my encouragement that she had opened a bank account with a cooperative bank in 2016. That time, I had explained to her that she is building a track record of her earnings which will be useful for her to get a home loan in the future.

The advice had been taken all too well. She stopped contributing to the “Bisi” (a locally run chit fund scheme) and her entire life savings running into