'Is Our Money Safe?': PMC Depositors Demand Written Assurance From RBI, Govt As Protest Enters 41st Day

In September, the RBI restricted the activities of the PMC Bank for six months including withdrawing of funds and acceptance of fresh deposits after an alleged fraud of Rs 4,355 crore came to light.

Outlook Web Bureau

Updated on: 5 November 2019 4:46 pm

Punjab and Maharashtra Co-operative (PMC) Bank depositors held a protest outside the Reserve Bank of India (RBI) office here on Tuesday demanding that the RBI or the government give them written assurances that their money which is stuck in the bank is safe and will be returned.

"There has been no assurance to us from the RBI or the government. It's over 40 days now. 10 people have already died. Senior citizens participating in the protest faint every day. Their life savings are there in PMC. The Chief Minister has made an ambiguous statement (over the issue) but what concrete steps are they going to take? Nobody has told us anything," Sadhika Sayal, a depositor with PMC, said, adding that Maharashtra Chief Minister Devendra Fadnavis' statement that he would personally take up the issue with the Centre is ambiguous.

"We need an official written assurance that the money is 100 per cent safe, and when do they intend to return the money to us. Government and RBI think the protests will tire us out, but the protests will go on," she added.

Echoing similar sentiments, another protestor and senior citizen Professor Chandrashekar lamented the fact that "all his money is in the bank."

"We have been protesting for 41 days. 10 deaths have taken place. As a senior citizen, I have been pleading to get back my money. There is a collusion between RBI and PMC officials. I need money for my wife's surgery. All my money is in PMC," Chandrashekar, participating in the protest, told ANI.

In September, the RBI restricted the activities of the PMC Bank for six months and asked it not to grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits after an alleged fraud of Rs 4,355 crore came to light.

The central bank had initially capped the deposit withdrawal at Rs 10,000 but later raised it to Rs 40,000.

The Enforcement Directorate (ED) has seized and identified movable and immovable assets worth more than Rs 3,830 crore owned by HDIL in connection with the case.