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Stolen, Not Lost: Aggrieved Depositors Endorse Harsha Bhogle's Call To Return Money

Harsha Bhogle's message became a collective plea of thousands of aggrieved Punjab and Maharashtra Cooperative (PMC) Bank depositors, who are now unable to pay loan installments due to a Reserve Bank of India-imposed cap on withdrawals

Stolen, Not Lost: Aggrieved Depositors Endorse Harsha Bhogle's Call To Return Money
Bhogle is "disturbed by what is happening in the banking system".
Stolen, Not Lost: Aggrieved Depositors Endorse Harsha Bhogle's Call To Return Money
outlookindia.com
2019-10-18T14:16:04+0530

Even as a Mumbai court on Thursday remanded Punjab and Maharashtra Cooperative (PMC) Bank's former director Surjit Singh Arora in police custody till October 22 in connection with the multi-crore scam at the bank, aggrieved depositors have endorsed Harsha Bhogle's call to return their money. (More Cricket News)

Bhogle, a respected cricket commentator whose voice reaches every Indian household, took to Twitter on Wednesday to express his concern over the recent developments in the country's banking system. "Very disturbed by what is happening in the banking system. A bank stands for trust and safety. We cannot allow unscrupulous businessmen to take away money and let simple depositors lose theirs. Surely we must return their money because it has been stolen, not lost," he wrote.

It became a collective plea of thousands of depositors, who are now unable to pay loan installments due to a Reserve Bank of India-imposed cap on withdrawals, leading to defaults on repayments. They are also likely to be classified as defaulters by credit information bureaus.

Read: 'There Is No Better Place For Investors Except India,' says Nirmala Sitharaman

Appreciating Bhogle's support, they seek continued support and request other celebrities to speak up for the cause.

On September 23, the Reserve Bank Of India (RBI) suspended PMC Bank’s board after noticing major financial irregularities and capped withdrawals at Rs 1,000. The withdrawal limit was however raised to Rs 40,000, after finance minister Nirmala Sitharaman discussed the matter with RBI governor Shaktikanta Das. But the INR 4,355 crore scam remains yet another blot in the Indian banking system, with no consolation in the sight for the customers.

Following the crisis, two account holders have died of heart attack while one committed suicide.

Founded in 1984, PMC Bank has 137 branches across seven states. It mainly caters to small businesses, housing societies and institutions.

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