Thane: Account holders of the Punjab and Maharashtra Cooperative (PMC) Bank were on Tuesday seen staging a protest outside the RBI’s office in Mumbai, in a bid to get an assurance from the Central bank that their money was safe with the crisis-ridden bank. They also demanded that their accounts be made operational.
Empashising on the gravity of the situation, a depositor told News18 that the bank should be revived so that people can have their “daily bread and butter”. Echoing the demand of the account holders, he added, “We want the RBI to come forward and issue a statement that our money is safe.”
He also went on to say that, “Around 16,000 account holders are suffering but the government is mum on the issue. Such a situation will leave us with no other option but to become a terrorist,” the leading news channel said in a report.
As per the report, a five-member delegation of the depositors later met the RBI officials to voice their grievances and put forth their demands.
The PMC Bank is a multi-state cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh. An alleged scam of Rs 4,355 crore in the PMC bank came to light a few weeks ago. Initially, the Supreme Court capped withdrawals at Rs 1,000 and it was later hiked to Rs 40,000 by the RBI.
According to reports, the PMC bank had created over 21,000 fictitious accounts to hide bad loans extended to Housing Development and Infrastructure Limited, which is almost-bankrupt. The bank also under-reported its NPAs to the RBI.
On October 22, a 73-year-old woman died of a heart attack in Mumbai as her daughter and son-in-law had vast deposits worth Rs 2.5 crore in the bank.