PMC Bank depositors accompany Sharad Pawar to meet MoS Finance, term it ''very positive"

On Monday, NCP chief Sharad Pawar met MoS Finance Anurag Thakur in the national capital to discuss the revival of the Punjab and Maharashtra Co-operative (PMC) Bank. He revealed that they had a constructive exchange of views pertaining to this matter. Currently, Pawar’s party NCP is a part of the Maha Vikas Aghadi government in Maharashtra. 

In a positive development, 5 PMC Bank depositors were specially invited by Pawar to accompany him in the meeting with Thakur. In a statement, the PMC Bank Depositors Association termed it as a “very positive” meeting. It expressed hope that there would be a positive outcome. 

Read: PMC Bank Employees Were Forced To Create False Data, States Mumbai Police's Chargesheet

Read: Aaditya Thackeray: PMC Bank Scam One That "has Larger Implications"

What is the PMC Bank crisis? 

The police registered an FIR against the top officials of the PMC bank and the promoters of the Housing Development and Infrastructure Limited (HDIL). According to the prosecution, the bank continued giving loans to the debt-ridden HDIL from 2008 to 2019 despite the previous loans not being repaid. This caused a loss of nearly Rs.4,355 crore. Several sections of the Indian Penal Code (IPC) such as criminal breach of trust, cheating, and forgery have been invoked against the accused. Besides the promoters of HDIL- Sarang and Rakesh Wadhawan, the former Managing Director Joy Thomas, ex-Chairman Waryam Singh, and former Director Surjit Singh Arora were also arrested.  

Read: PMC Bank Scam: Bombay HC Rejects Depositors’ Writ Pleas, Customers Allege Apathy

The agony of the customers 

The PMC Bank customers have been severely affected by the monthly withdrawal limit being slashed to Rs. 50,000. Hundreds of aggrieved people have staged protests for many months. Their principal demands are the return of their hard-earned money stuck in the banks and the prosecution of the culprits of the scam.  

The Bombay High Court’s order dated December 5 led to even more discontent among the protesters. The HC bench comprising Justice SC Dharmadhikari and Justice RI Chagla refused to grant any relief to the PMC Bank depositors. The bench observed that the customers too were partially at fault. At the same time, the court made it clear that the customers could approach competent courts and prove the breach of their contract with the PMC Bank.    

Read: Maha CM Uddhav Thackeray Meets PMC Depositors Protesting Outside Matoshree, Assures Help