PMC Bank depositors stage protest at RBI office; want their money back

Scam-hit PMC Bank's depositors from Delhi staged a protest outside the Reserve bank of India here on Monday to demand that their money be returned. They threatened to go on a hunger strike after March 2 if their money is not returned and their concerns not addressed.

Hemant Kumar, who had come from Malviya Nagar, said, "These people will not understand till we carry out a Shaheen Bagh-like protest outside the RBI. If they do not listen to us, we will block the road outside the RBI."

Tek Chand, who has an account with Tilak Nagar branch, said, "My wife is a kidney patient and she has to undergo dialysis thrice every month. What am I supposed to do? I have been left helpless due to the situation. It is our hard earned money."

Another depositor, Tajinder Pal Singh Gujral, a resident of Janakpuri, had deposited Rs 2.5 crore in the bank after he sold his house, a day before the bank shut down in September.

"I had sold off my house and the payment from that deal had come into my account with the PMC bank. I had booked another house and given Rs 5 lakh as down payment and was supposed to pay for it from the PMC account. But, now, those Rs 5 lakh are also gone and this money is also stuck. I cannot buy a house or do anything for my business," he said.

The bank has been put under restrictions by the RBI after an alleged fraud came to light following which the deposit withdrawal was initially capped at Rs 1,000, causing panic and distress among depositors.

Subsequently, it was raised to Rs 10,000 and to Rs 50,000 earlier this week by the RBI.

Punjab & Maharashtra Cooperative Bank, which is among the top-10 urban cooperative banks, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans.

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The bank, over a long period of time, had given over Rs 6,500 crore in loans to HDIL, which is 73 per cent of its total advances, and which has turned sour with a shift in the fortunes of the now bankrupt company.

Its total loans stand at Rs 8,880 crore and the deposits at over Rs 11,610 crore. There have been massive protests across city from the depositors following the RBI action.