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The Economic Times

PMC Bank depositors protest outside RBI headquarters

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The depositors have been protesting to get back their funds held up in the bank accounts.
MUMBAI: Depositors of scam-hit Punjab and Maharashtra Cooperative Bank on Saturday staged a protest outside the Reserve Bank headquarters here 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, a police official said.

Presence of police personnel ensured that no untoward incident took place, and nobody was detained, he said.

After an alleged Rs 4,355 crore scam came to light at the PMC Bank, the RBI initially capped withdrawals at Rs 1,000 in view of liquidity crisis, and later hiked it to Rs 40,000.

The depositors have been protesting to get back their funds held up in the bank accounts.

The crisis at the bank is being attributed to loans given to realty player HDIL, which were allegedly hidden from regulators' scrutiny, turning non-performing assets.

Five persons including HDIL promoters have been arrested in the case.
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