Maha CM Uddhav Thackeray meets PMC depositors protesting outside Matoshree, assures help

Assuring relief to the PMC depositors, Maharashtra CM Uddhav Thackeray on Sunday, met with a delegation of Punjab & Maharashtra Co-operative (PMC) Bank depositors who were protesting outside his residence - Matoshree.  He assured that his government would do whatever it could to support the depositors. Some of the protestors had been demanding a return of their funds from RBI,  had been detained by Mumbai police, according to ANI.

Sena's former Union Minster Arvind Sawant discusses issues of PMC Bank with FM Sitharaman

Arvind Sawant meets FM

On Saturday, former Union Minister Arvind Sawant met with Finance Minister Nirmala Sitharaman to discuss the issues regarding PMC bank. Sawant, who resigned from his cabinet post in retaliation to the BJP-Shiv Sena fallout in Maharashtra, had vocally refused to vote for the Citizenship Act in the Rajya Sabha. Maharashtra CM Uddhav Thackeray has been urged by most political parties to merge PMC Bank with any other financially sound bank and to hold an early meeting with the Reserve Bank of India. Earlier on December 5, the Maharashtra government had suggested PMC to be merged with MSC in a bid a provide relief to depositors of the troubled lender. Maharashtra Minister Jayant Patil who has spoken with MSC Bank Chairperson will be speaking with the Reserve Bank of India to address the concerns of PMC's 16 lakh depositors.

Another depositor of fraud-hit PMC Bank dies, protesters vent ire on social media

This development comes after the Mumbai police arrested three directors of the PMC bank. While the ED has also approved the sale of properties attached by the agency of the arrested HDIL directors, it will also reportedly file its charge sheet in the case on Monday. Moreover, the Bombay High Court has refused to interfere in the matter as depositors continue to protest, seeking the return of their funds from the RBI - 8 depositors have died till date since the RBI first took over the debt-ridden bank.

Sena-NCP-Cong govt suggests merging scam-hit PMC & MSC Banks to provide depositors relief

What is the PMC Bank Scam?

On September 21, the RBI took control of the bank for six-months and capped withdrawals at ₹1,000 per account,  disallowing the bank to make any fresh loans for six months. Currently, the withdrawal limit has been extended to Rs. 50,000. After the takeover, PMC Bank, which has Rs. 11,500 crore deposited the bank and has 137 branches, had admitted that one large account-HDIL was the sole reason for the present crisis, as per PTI. Following this, the HDIL directors Sarang Wadhawan and Rakesh Kumar Wadhawan who had been arrested in connection with a fraud of over Rs 4,355 crores, have been sent to custody. According to the police, PMC Bank officials gave loans to HDIL between the year 2008 and August 2019 despite not paying the previous loans.

PMC Bank depositors' worries to be taken up with RBI: Minister