RBI official told us our money is safe: PMC Bank depositors

Shiv Kumar
Tribune News Service
Mumbai, October 22

Deposit holders of the troubled Punjab and Maharashtra Co-operative Bank heaved a sigh of relief after they were given some assurances by officials of the Reserve Bank of India this afternoon.

Senior police officials met a group of deposit holders of PMC Bank who were holding protests at Mumbai’s Azad Maidan and asked them to send a delegation to meet Reserve Bank of India officials this morning. The depositors had earlier threatened to storm the Reserve Bank of India headquarters located a few kilometres away.

“We were advised by Deputy Commissioner of Police Sangramsingh Nisandar to send a delegation to
meet with officials from the Reserve Bank of India. The delegation discussed 19 points with RBI officials led by the Executive Director,” a PMC Bank depositor told reporters at Azad Maidan later in the
afternoon.

Among the demands made by PMC Bank deposit holders to the RBI include payment of ex-gratia of Rs 25 lakh to the next of kin of those who died following the central bank’s action against the bank. The
depositors also told RBI officials that they should be allowed to withdraw their money to withdraw funds for medical expenses, marriages, payment of taxes, etc, according to the protesters. The depositors also told RBI officials that they had an emotional attachment to PMC Bank and they wanted the institution revived.

According to the depositors, they were assured by RBI officials that their money was safe.

“The RBI officials asked us time till October 30 to come up with a solution which would be announced at a press conference,” said a PMC Bank depositor.

RBI officials have refused to confirm whether any assurance has been given to the PMC Bank depositors.

Depositors also announced that they would assemble at Azad Maidan on October 30 at 10 am from where they plan to march to RBI headquarters.

Meanwhile JB Bhoria, the administrator appointed to manage the affairs of the PMC Bank, said in a statement that the statement of accounts of the institution was being recast “in order to arrive at a
true and fair picture”.