Mumbai Police detains PMC Bank depositors amid protest against FM

On Tuesday, Mumbai Police detained Punjab and Maharashtra Co-operative (PMC) Bank depositors who were protesting near Bandra Kurla Complex against Finance Minister Nirmala Sitharaman, demanding the return of their savings. The Finance Minister was attending an event as a chief guest in NSE (National Stock Exchange) building in the complex.

PMC Scam claims 9th life

The protest came after another PMC Bank depositor - Andrew Lobo - passed away even as the Bombay High Court on Monday asked the Reserve Bank of India (RBI) to file an affidavit by November 13 listing the steps to prevent further damage to the depositors. Lobo, a senior citizen was a customer of the Mulund branch. As all his Fixed Deposits were in PMC Bank, Lobo was said to be in tension as he desperately needed money for his treatment. His death marks the 9th such instance since the revelation of the PMC Bank scam when a depositor has lost his life due to the inability to withdraw money.

Bombay HC hears plea

A division bench of the Bombay High Court comprising of Justices S Dharmadhikari and R Chagla is hearing the pleas filed by the PMC Bank depositors, challenging the RBI’s restrictions on withdrawals. The court made it categorically clear that it did not wish to interfere in the matter if the RBI gave a reasonable explanation. Maintaining that the RBI was an expert body on such issues, the High Court bench indicated that it did not want to dilute the RBI’s authority. The next date of hearing will be November 19. Depositors sought the hearing being fast-tracked.

READ | PMC Bank depositors request Bombay HC to fast-track case hearing

READ | PMC Bank: Delhi HC seeks RBI reply on PIL against withdrawal limit

Customers stage protest

Despite Finance Minister Nirmala Sitharaman's assurance that she had spoken to the RBI Governor, it has failed to pacify the customers of the PMC bank. They have been severely affected by the monthly withdrawal limit being slashed to Rs. 40,000. Hundreds of aggrieved people have staged protests for more than a month. Their principal demands are the return of their hard-earned money stuck in the banks.

READ | PMC Bank Crisis: Police agree to RBI's request to auction HDIL assets

READ | PMC scam claims 9th life even as Bombay HC asks RBI to file affidavit

(With ANI inputs)