PMC Bank Scam: Protestors Meet RBI Officials; Central Bank To Take Final Call On Oct 30

These depositors moved towards the Reserve Bank of India (RBI) office in the city to put forth their demands, which includes a written assurance from the central bank on the safety of their money deposited in the bank.

RBI, in a press conference, will announce its final decision of the issue on Oct 30. (File Photo/ Getty)

Mumbai: A day after death of yet another account holder of scam-hit Punjab and Maharashtra Cooperative (PMC) Bank due to heart attack, few representatives of the depositors staged a protest at the Azad Maidan in Mumbai on Tuesday. These depositors moved towards the Reserve Bank of India (RBI) office in the city to put forth their demands, which includes a written assurance from the central bank on the safety of their money deposited in the bank. The protest movement was stopped by the police forces earlier in the day and only 6 representatives were asked to visit the RBI office for the meeting. The delegation of protestors could not meet RBI Governor Shaktikanta Das as he is out of Mumbai, but they did have a meeting with the Executive Director. According to reports, the Executive Director told depositors that the Central Bank is serious about the issue and wants time till Oct 30. RBI, in a press conference, will announce its final decision of the issue on Oct 30, he said. The delegation of depositors also sought a compensation of Rs 25 lakh each to those PMC Bank account holders who have lost their lives during the crisis. However, today's meeting was not documented and final decision will be taken after figuring out a possible solution to the issue, reports suggest. RBI will organise a high-end meeting with PMC Bank officials on October 25. The agitating protesters of the PMC Bank will once again start their protest march on October 30 at 10 am. The delegation has requested people to gather at the Azad Maidan in Mumbai in large numbers. Amid instances of deaths and also a suicide, of depositors, troubled PMC Bank's administrator had met RBI brass including Governor Shaktikanta Das last week. "It was assured that the bank will make all efforts to safeguard the interests of depositors and other stakeholders," the statement from J B Bhoria, who was placed as the administrator last month by RBI, said. It also informed that the bank is in the process of recasting its balance sheet to present a "true and fair picture", according to the press release from PMC Bank's administrator Bhoria. The bank, which is reported to have given over Rs 6,500 crore in loans to a single borrower - realty firm HDIL - of the total loan assets of over Rs 9,000 crore, will be recasting the balance sheet "at the earliest so as to arrive at the true and fair picture of its accounts," the statement said. Following the discovery of an over Rs 4,000 crore scam at the bank, which has deposits of over Rs 11,000 crore, the Reserve Bank of India last month appointed an administrator over it, and capped withdrawals. There have been five deaths after the collapse of the PMC Bank. Sanjay Gulati and Nivedita Bijlani, who both lived in Andheri, and Murlidhar Dharra and Fattomal Punjabi of Mulund Colony, had died in the last couple of weeks. While Nivedita Bijlani committed suicide, the other three died of heart attack.