Depositors ask PM for bailout package

Punjab and Maharashtra Cooperative (PMC) Bank account holders protested outside Esplanade court in Mumbai on Wednesday and demanded Prime Minister Narendra Modi

Punjab and Maharashtra Cooperative (PMC) Bank account holders protested outside Esplanade court in Mumbai on Wednesday and demanded Prime Minister Narendra Modi announce a bailout package for the scam-hit bank’s depositors. The depositors threatened to vote for NOTA (none of the above) in the upcoming Assembly elections if their demands are not met. Meanwhile, the Supreme Court on Wednesday agreed to an urgent hearing on a plea seeking directions for interim protective measures to insure PMC Bank depositors.

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On Wednesday, protesters squatted outside the court and demanded the resignation of Reserve Bank of India (RBI) governor Shaktikanta Das. “The RBI was unsuccessful in maintaining a proper vigilance. Why are we being punished?” said Anita Ruia, 40, a social worker. Protesting depositors threatened to vote NOTA in the upcoming Assembly polls and said the model code of conduct should not prevent their concerns being addressed. “We expect all political parties, ruling or Opposition, to issue a joint statement that they will raise no objection. PM Modi should announce a bailout package in his rally today so that we get our money,” said Bernard Pererra, 40, a training professional.

The aggrieved depositors met commissioner of police Sanjay Barve on Wednesday evening. Barve assured them that the police would do its best to complete the investigation within a stipulated period of 90 days. “We have appointed a forensic auditor for this case. We will investigate why bad loans were not revealed by the audits carried out by the RBI,” said Barve.

In September, the RBI ordered the PMC Bank to not do any business for six months and capped depositor withdrawals at ₹1,000. The regulator also appointed an administrator for the bank. The RBI has since steadily raised the limit and at present, daily withdrawal is capped at ₹40,000.

On Tuesday, Sanjay Gulati, who had savings worth ₹90 lakh in PMC Bank, died of cardiac arrest. His family has alleged the stress caused by the withdrawal restrictions led to his demise. Protestors held a candlelight vigil at his residence after the police denied permission for a public gathering.