pmc bank depositors

The Bombay High Court has upheld the Reserve Bank of India's 2022 amalgamation scheme for Punjab and Maharashtra Cooperative (PMC) Bank with Unity Small Finance Bank. The court ruled the move was in public interest, ensuring depositors receive their full principal and interest, a stark contrast to liquidation outcomes. This decision protects depositors and strengthens the banking system.

Despite the RBI's relaxation of withdrawal norms for pmc bank depositors, anger and anxiety mounted on the ground Thursday. Account holders were unable to withdraw the revised amount because the PMC Bank's notification to comply had not reached branches until late evening.

For depositors of the tainted Punjab and Maharashtra Cooperative (PMC) Bank, the situation is not very different from what it was almost a year ago when the Reserve Bank of India (RBI) placed withdrawal restrictions on the bank after the mega scam involving misreporting of loans with senior bank officials' involvement came to light.

A 51-year-old PMC Bank depositor from Tarapore Gardens, Oshiwara, died shortly after attending a protest rally on Monday afternoon. Sanjay Gulati's family has Rs 90 lakh held up in the Oshiwara branch. He is survived by wife and two young children. He had no history of serious ailments.

Over 50 depositors of the Punjab & Maharashtra Cooperative (PMC) Bank were detained by Mumbai Police on Sunday after they protested outside the residence of Chief Minister Uddhav Thackeray here, police said.

Another family from Mulund Colony was bereaved by the PMC Bank scam on Sunday. Bharati Sadarangani (73), whose daughter and son-in-law hold vast deposits in the bank, passed away after a cardiac arrest in Solapur. She was reportedly deeply anxious about her family’s future. Sadarangani died around 2pm on Sunday and the last rites were conducted in Solapur.

As crisis-hit pmc bank depositors intensified their protests, the Supreme Court has agreed to hear on Friday an urgent plea seeking directions for interim measures to safeguard the money of customers blocked in the bank.

The ongoing PMC Bank crisis claimed its second victim in 61-year-old Mulund depositor Fattomal Punjabi who died of a heart attack on Tuesday afternoon. The incident occurred within 24 hours of the death in similar circumstances of 51-year-old account holder Sanjay Gulati in Oshiwara on Monday.

Chief minister Uddhav Thackeray on Sunday said that his government will do everything to help the depositors of the Punjab and Maharashtra Co-operative (PMC) Bank, whose life savings are stuck after the bank collapsed in September.

Finance minister Nirmala Sitharaman, in her Budget speech, has proposed to hike bank deposit insurance cover in scheduled commercial banks to Rs 5 lakh per depositor from the current Rs 1 lakh.

Union finance minister Nirmala Sitharaman on Thursday held a meeting with depositors of PMC Bank and stated that the RBI is taking action against the crisis-hit lender's management. "I've told depositors that the RBI is looking into the matter," she said. Sitharaman added that she will speak to RBI governor Shaktikanta Das on urgency and distress of depositors.

The depositors also held protests outside Reserve Bank of India (RBI)'s office in Mumbai, where people especially women were heard sloganeering- "We Want Justice" and were holding placards with Hindi slogans "RBI promise us to return our money".

Depositors of scam-hit Punjab and Maharashtra Cooperative Bank on Saturday staged a protest outside the Reserve Bank headquarters in the capital, demanding return of their funds stuck in the accounts under restrictions. Around 100 depositors, including women, raised placards and chanted slogans against PMC Bank and the RBI.

Reserve Bank of India on Tuesday once again increased the withdrawal limit for pmc bank depositors by Rs 10,000 to Rs 50,000.Depositors, though, say it is not enough to survive on.

Nearly 78 per cent depositors of the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank have been allowed to withdraw their entire deposits even though the ceiling of Rs 50,000 on withdrawal continues, Union finance minister Nirmala Sitharaman said in Lok Sabha on Monday.

Depositors of the crisis-hit Punjab and Maharashtra Co-operative (PMC) Bank can approach the Reserve Bank-appointed administrator for withdrawal up to Rs 1 lakh in case of medical emergencies, the Reserve Bank of India (RBI) told the Bombay high court on Tuesday.

The Reserve Bank of India (RBI) on Friday gave in-principle approval to Centrum Financial Services Limited to for takeover of crisis-hit Punjab and Maharashtra Co-operative (PMC) Bank via the small finance bank route. Centrum Financial Services was one of the applicants for takeover of the PMC Bank.