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| 26 September, 2020, 10:54 PM IST | E-Paper
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PMC Bank depositors protest outside RBI headquarters

Synopsis

A police personnel says around 100 depositors, including women, raised placards and chanted slogans against PMC Bank and the RBI today during a protest outside the Reserve Bank headquarters in Mumbai demanding the return of their funds.

PTI
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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7 Comments on this Story

Ramesh Shah342 days ago
THE WAY THE SARADARJEEE HAVE DONE BYCOT THE STAFF FROM THE SOCIETY OR CLAIM IN ITR AS BAD DEBTS....... OUR PRESTIGIOUS THE FM SHOUTED AT IMF FOR NOT. GIVING ENOUGH OF LOANS.....DOES SHE MEAN THE WORLD HAVE NO IDEAS ABOUT OUR FINANCIAL SYSTEMS..... ANY DAY ONE TURNS BANKRUPTCY N NPAS...,.. !?!!??
jay342 days ago
Hello Finance Minister- it is time to make Banks. As Money administrative agents - that is they can mobilize, promote and collect deposits, manages money, can invest in Government securities both central and state, can lend to State and central government enterprises.
They can get the borrowers however the loan sanctioning should be done by a centralized agency which can sanction the loan. This agency will collect a 2% commission for any sort of Loan sanctioned and scrutinize the borrowers threadbare to ensure - genuineness, over leverage, asset quality and above all viability of the enterprise on an independent basis.
This ensures there is zero loan loss to
The Banks and the banks can ensure to administratively work better to provide services to its customers. Better deposit rates, convenience competitive loan pricing.
Priority sector lending such as agricultural should be handled in the same way with a better managed Crop insurance scheme to ensure all the Farmers genuinely benefits from these schemes.
Instead of input subsidies Better crop insurance to all farmers will benefit immensely.
JaiHind!
Girija Easwar343 days ago
Some say, dont keep money in coop.banks. Whats the guarantee our PSBs are safe to keep our money? Day by day, scams, frauds increasing to the maximum level .
Our judicial system is very weak, very slow. Interfearence of
the govt., politicians , in loan matters of the banks must come to an end . Ministry level coming in the way of police, judicial system, stand with the culprits should end.
f
There should be a vigilent check on the purchase of properties by the business tycoons like Mallya, Nirav, now HDIL , and many more. Take crores of loans in many banks with fake documents, run away to other countries without repaying to the banks. This has become a contageous decease nowadays. we all know, these are inter connected with high profile culprits. They are very sure, they will never be caught .