PMC Bank depositors protest outside RBI office seeking payback

Mumbai: Harried depositors of the troubled Punjab and Maharashtra Cooperative (PMC) Bank continued with their protests by agitating outside an office of the Reserve Bank here on Tuesday, to demand a payback of their stuck money.

A depositors' delegation also met a Chief General Manager-rank officer after the protest in suburban Bandra Kurla Complex (BKC), and submitted a memorandum.

The PMC Bank has been put under restrictions by the RBI for over a month, after an alleged Rs 4,355 crore scam came to light.

At least five depositors, who had high quantum of money stuck with the bank, died in the last month, including one who committed suicide.

The depositors, majority of them senior citizens and women, gathered at the RBI building which houses the offices of the chief general manager for cooperative banking regulation, with banners like it being a "Black Diwali" because of the PMC crisis.

Later, a five member delegation went to meet senior RBI officials and submitted a memorandum.

After its meeting with RBI officials, Jitshu Seth, one of the delegation members, said they requested the RBI to assure them that their money lying with the trouble-hit bank was safe.

"The RBI official said their priority is to protect the money of each and every depositor," she said, adding that the RBI was also been urged to either arrange a Rs 4,000 crore infusion into the bank or merge it with a healthy lender.