PMC Bank Crisis: Rs 90 Lakh Stuck In Bank

Delhi: A 51-year-old man identified as Sanjay Gulati who was reportedly a customer in the Punjab and Maharashtra Co-operative (PMC) Bank, passed away on Monday, after taking part in a protest rally by depositors.

As per reports, Gulati, a resident of Taporewala Gardens in Mumbai’s Oshiwara, suffered a cardiac arrest after returning home from a protest against PMC Bank. As his condition deteriorated, he was rushed to the Kokilaben Hospital but was declared 'brought dead'.

He had taken part in protest outside the Killa Court in the Fort area, with around 200 PMC Bank account holders on Monday . The protest was conducted parallel to court hearing of PMC Bank scam- Housing Development and Infrastructure Ltd. (HDIL) directors Rakesh Wadhawan and Sarang Wadhawan and former PMC Bank Chairman Waryam Singh.

Gulati had around Rs 90 lakh in his PMC bank account.

As per his society secretary Yatindra Pal, Sanjay Gulati and his father C L Gulati worked at Jet Airways. After losing his job during the Jet Airways crisis, Gulati was dependent upon this saving amount for meeting his house expenses.

The PMC Bank

Crisis:

The PMC Bank has been placed under "directions" by the RBI since last month, wherein depositors' withdrawals have been capped.

The limits were increased to Rs 40,000 by the RBI on Monday, and the central bank said 77 per cent of the customers will be able to fully withdraw their deposits with this move.

The limits were earlier capped at Rs 1,000, and subsequently raised to Rs 10,000 and Rs 25,000 as the bank's liquidity position improved.

Harried depositors of the bank, which has deposits of over Rs 11,000 crore, have been protesting across the city, and also forced Finance Minister Nirmala Sitharaman to meet them last week when she was out to address a pre-election media conference here.

Sitharaman then urged RBI Governor Shaktikanta Das to urgently look into the woes of the depositors, after which the deposit withdrawal limits were hiked to Rs 40,000.

Four people, including promoters of realty firm HDIL to which the bank made the sour loans, and the lender's former chairman and ex-managing director have so far been arrested in connection with the alleged Rs 4,355 crore scam.

(additional inputs from PTI)