[Video] Unable To Withdraw Money, PMC Bank Depositor Breaks Down Inconsolably Outside Branch

A video has surfaced on social of a hapless depositor of crisis-ridden Punjab and Maharashtra Co-operative bank, sitting outside the bank branch and profusely crying.

In the video, the man sitting on the stairs outside a PMC branch In Mumbai was seen crying, while his PMC bank statement was displayed on the screen by the person recording the video.

On September 24, 2019, Customers of Punjab and Maharashtra Cooperative Bank (PMC Bank) woke up to a shocker, when a message from the bank revealed that it has been put under directions by Reserve Bank of India (RBI) for six months.

Shutters were downed on the bank's ATMs and security guards were seen putting up an apology from the managing director. Depositors were eligible to withdraw a sum of 1000 from the bank, irrespective of the type, total balance, or the number of accounts.

An apology was tendered by MD of PMC Bank but with frozen assets, the future of the depositors was shrouded in darkness.

In a recent development, PMC Bank Depositors were left dumbstruck to see YES Bank being rescued within a month of being put under moratorium.

Curbs on PMC Bank, including withdrawals, were extended to June 22, 2020, as there is no rescue plan yet even though the bank went belly up in September 2019.

The central bank while extending the PMC Bank moratorium for three months said unlike in the case of commercial banks, it has no powers to draw up an enforceable scheme of reconstruction of a cooperative bank.

However, now with the lockdown leading to economic distress, for PMC depositors it is still a long way till they can avail their hard-earned money.

While the government is leaving no stone unturned to fight the deadly COVID-19, the distress of these depositors having frozen assets for months on end especially at the time of the lockdown is often ignored.

Earlier today, Bollywood actress, Renuka Sahane also put out a post on Twitter on behalf of her colleague in the industry who has been facing financial crunch ever since her money was blocked by the PMC Bank. Requesting people to help her financially, she said that the actress is in dire need of money to get her mother hospitalized but due to lack of funds is unable to do so.

The onset of the deadly coronavirus made the Indian economy come to a standstill. Many businesses suffered losses and some even had to shut down. People lost jobs and were forced to switch to alternative means of livelihood to sustain themselves and their families.

While the easing of lockdown renewed hopes in Indians of an economic revival, the woes of those hit by the PMC crash last year remain forgotten.

The video surfaced serves as a wake-up call for the government which should take into account the deplorable condition of depositors and find ways to help them access their rightful money.

Also Read: Cooperative Banks Now Under RBI's Watch, Centre Approves Amendment To Banking Regulation Act