New Delhi, October 30: Several disgruntled customers of the Punjab and Maharashtra Cooperative (PMC) Bank gathered at Mumbai’s Azad Maidan on Wednesday, demanding an assurance that their money deposited with the scam-hit bank was safe.
They also demanded that the PMC Bank be revived so that they could withdraw their money.Ever since this scam got unearthed, PMC Bank has been put under restrictions by the RBI after an alleged fraud of Rs 4,355 Crore following which the deposit withdrawal was initially capped at Rs 1000, causing panic and distress among depositors. Subsequently, the Reserve Bank of India (RBI) raised the withdrawal limit to Rs 40,000.
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Depositors can withdraw an additional Rs 50,000 for medical and educational purposes by completing certain formalities At least five depositors, who had their money stuck in the bank, died last month including one who reportedly committed suicide.
Around 200 customers gathered outside the RBI's office in the Bandra-Kurla Complex on Tuesday and said they want that their accounts with the PMC bank be made operational. Earlier this month, finance minister Nirmala Sitharaman assured PMC bank depositors that she will talk to the governor of Reserve bank in order to covey the distress of PMC clients She also explained to PMC bank’s incensed customers that RBI takes appropriate actions in the cases where malpractice is observed and it is doing what is to be done by the law.
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The crisis at the bank is being attributed to loans given to realty player Housing Development Infrastructure Ltd (HDIL), which were allegedly hidden from regulators' scrutiny, turning non-performing assets. Five persons, including HDIL promoters, have been arrested in the case.
