PMC Bank Account Holders Stage Protest Outside RBI Headquarters In Mumbai

Thousands of Punjab and Maharashtra Co-Operative (PMC) bank account holders staged a protest on Sunday outside RBI headquarters in Mumbai. Protesters were seen shouting slogan against PMC and Reserve Bank of India. They were seen holding placards reading ‘We Want Justice’, ‘Black Diwali For PMC Account Holders’, and ‘Hamara Paisa, Hamara Haq’.

Protesters demanded the Modi government to immediately intervene into the matter and take appropriate majors to provide relief to account holders who are left with no money in the festive season.

“It’s black Navaratri and Diwali for us because we have no money. We request PM Modi to do something,” said one of the protesters.

As per the RBI directions to PMC Bank, account holders can withdraw up to Rs 25,000 per account over six months. Earlier, the RBI had capped depositor withdrawals at Rs 1,000 but later increased it to 10,000. The new limit will allow 70% of the bank’s depositors to withdraw all of their money, the central bank said in a statement, the central bank said in a statement.

The RBI monitors banks' health and issues such directions in case of concerns over the financial health of an institution. However, no reasons were specified by the central bank for its restrictions on PMC Bank.

However, protestors said that Rs 25,000 for six months or 180 days will leave them with just Rs 40 for a day. According to PMC Bank's website, the lender was awarded the scheduled status in 2000 and has a presence in multiple states. 

Meanwhile, Waryam Singh, a former chairman of Punjab and Maharashtra Cooperative (PMC) Bank arrested in connection with the alleged Rs 4,355 crore scam at the bank, was on Sunday remanded in police custody till October 9 by a local court.

Singh (68), arrested by the Economic Offences Wing of Mumbai police on Saturday from Mahim Church area, is the fourth person in police custody in connection with the case.

The EOW has already arrested former managing director of the bank Joy Thomas, and promoters of Housing Development and Infrastructure Limited (HDIL) group Rakesh and Sarang Wadhawan.