PMC Customers Protest Outside RBI In Delhi, Demand Full Money Withdrawal

Scam-hit Punjab & Maharashtra Co-operative Bank's depositors staged protest outside the Reserve Bank Of India (RBI) office here on Wednesday, demanding complete withdrawal of their money from the bank.

Most of the 20-odd depositors took to sloganeering against the RBI, alleging it was hand-in-glove with the perpetrators of fraud.

The depositors, who gathered in West Delhi where the bank has a branch, said most of their families have collective deposits in excess of Rs 51 lakh in the bank.

Earlier in September, the RBI had imposed restrictions on the withdrawal limit of the account-holders after it found alleged irregularities to the tune of Rs 4,355 crore by diverting money to infrastructure firm HDIL.

On Tuesday, RBI enhanced the cash withdrawal to Rs 50,000 per account, which was the fourth such increase since the bank was placed under its direct control with an administrator on September 23.

Five persons, including HDIL promoters Rakesh and Sarang Wadhwan, were arrested by police in the case. Since then several protests have been held by the depositors in Mumbai and at least 10 depositors are claimed to have died since the alleged scam came to light. They said that they are facing hardships for day-to-day transactions.

"Even we have not been able to pay towards our GST as the advance tax payment date is nearing. From where do we get the money," the agitating protestors, who submitted a memorandum to RBI officials, said.

"We have submitted our requests to the RBI, the Prime Minister and the Finance Minister around Diwali but have not received any communication or assurance from them so far. RBI as the regulator gave license to the bank but now it is not hearing to the depositors," said Daisy, one of the depositors.

She said the RBI officials, even as received the memorandum submitted by them, failed to assure anything saying they will forward it to the Mumbai headquarters.

Punjab & Maharashtra Cooperative Bank (PMC 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. The bank has 6 branches in Delhi.