Seeking their money, PMC Bank depositors protest again

Depositors of the troubled Punjab & Maharashtra Cooperative (PMC) Bank protested against the caps on withdrawals in the financial capital on Tuesday. The protest, announced last weekend after a round of sit-ins outside the RBI headquarters was held at the Azad Maidan, the designated agitating place located not far off from the central bank headquarters.

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PMC depositors protest 

At the protest, the agitated depositors reminded all of the promise made by state chief minister Devendra Fadnavis to look into their issues immediately after the polling was over and demanded measures. It can be noted that the government is not able to make any announcement due to the model code of conduct, which was in place till Monday when the votes were cast for the Maharashtra Assembly.

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At the protest outside the RBI on Saturday, the depositors had warned to intensify their demands after the elections are over. Over 16 lakh depositors having over Rs 11,000 crore of deposits have been impacted due to the directions issued to the bank by the RBI, where deposit withdrawals were initially capped at Rs 1,000 and have now been increased to Rs 40,000.

Five of the depositors have died, including one allegedly committing suicide, since the restrictions were imposed. The authorities blame a Rs 4,355-crore scam at the lender, where the management allegedly connived with realty player HDIL. Five people have so far been arrested in the case.

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