PMC depositors gather outside RBI Delhi, demand assurance

A group of distressed PMC depositors gared outside Reserve Bank of India (RBI) office here on Wednesday, seeking an assurance that ir deposits in scam-hit corporative bank are safe and will be returned to m within a stipulated time.

On Tuesday, RBI increased withdrawal limit from bank's customers to Rs 50,000 but this has done little to assu concerns of distressed depositors.  Most of 20-odd depositors who have gared at RBI hequarters here are from Tilak Nagar in west Delhi, where bank has a branch.

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Taranjit Singh (33) said at least a representative from RBI should assure m that deposited amount will be returned in a given time frame.  Singh, who is in a private job, has Rs 10 lakh deposited in scam-hit bank. " RBI should conduct a press conference and assure us that our money is safe," he said.

Punjab & Maharashtra Cooperative Bank (PMC Bank), which is among top 10 urban cooperative banks, was placed under an RBI ministrator on September 23 for six months due to massive under-reporting of dud loans. crisis began after an alleged ?4,355-crore scam came to light and RBI capped withdrawals at Rs 1,000 per customer from September 24. Subsequently, it raised withdrawal limits to Rs 50,000 in multiple moves.

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PMC depositors worry about ir life-long savings

Sixty-five-year-old Manjit Singh is among PMC customer who has gared at RBI office. He said he has fixed deposit amounting to lakhs in bank and his livelihood depends on interest earned from this deposit.

"If this is way bank deals with its customers, people will lose faith in banking system," he said.

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Tajinder Singh, a senior citizen, said he has been a customer of bank for past five years and has deposits of Rs 1.4 crore. Tajinder said he h deposited Rs 40 lakh on September 23, just a day before cap on withdrawal kicked in. "ne of bank representatives cautioned me of impending crisis," he said. 

Harmeet Singh (28), a salesman by profession, said he h taken a loan to buy a house and deposited Rs 15 lakh in bank just two months ago. "I am facing difficulties in withdrawing cash," he said, ding that PMC should be merged with some healthy bank. 

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