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Punjab and Maharashtra Co-operative (PMC) Bank customers are protesting outside its branches in Mumbai, on Tuesday, 24 September, a few hours after the Reserve Bank of India imposed new restrictions on it.
The PMC Bank customers are worried about the fate of the ECS mandates and post-dated cheques they have given towards EMIs for home, auto, and vehicle loans.
Rameshwar Singh Rajpurohit, 47, said “I have an OD (Overdraft Definition) of five lakhs, and eight lakhs are deposited in the bank, I am asking for three lakhs and I got to know about the news in the morning.”
He added that he has always been satisfied with the bank and this has happened for the first time.
Another customer, Ganesh Mane, 28, said that around 5 lakhs are stuck in his account. I got a message at 9 am regarding the news. I came to get the renewal of the maturity of my FD. But it couldn't be done."
Ajay Raheja, 45, pointed out that the bank has been doing well, saying that he checked the bank’s balance sheet himself.
“I made a huge deposit on 22 September. On 23 September, I get to know that the bank is going defunct. It shouldn't have happened, I have even analysed the balance sheet of the bank. The bank has actually had a profit of 99 crores in the financial year that ended,” he said.
The RBI monitors banks' health and issues such directions in case of concerns over financial health of an institution. However, no reasons were specified by the central bank for its restrictions on PMC Bank.
The restrictions will be in force for six months, the RBI said.
According to PMC Bank's website, the lender was awarded the scheduled status in 2000 and has a presence in multiple states. The bank could not be reached for comments immediately.
(With inputs from PTI)
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