PMC Bank- Punjab and Maharashtra Co-operative Bank, though a co-operative bank, was well known for all its services. Hence it had so many depositors.  The crisis at PMC Bank first came to light on September 24, 2019, the day the Reserve Bank of India (RBI) placed curbs on the activities of the Mumbai-based bank for six months. An extensive number of  depositors from all its  branches were the affected ones - totally shocked. Under such circumstances too, the depositors cooperated peacefully with the authorities hoping for a concrete positive output at the earliest.  But more than a year has passed and no results. It’s only discussions but no concrete results. It is the common people who always suffer  in any crises.

The common people , who form  the larger sector of the nation,  generally  deposit their  hard earned money in a bank , with due faith in banking sector of Independent India, hoping  for a better future.  It should be the responsibility of the financial governing authorities to safeguard the savings or funds of the innocent citizens who deposit their hard earned money in the banking sector, irrespective of the fact, whether nationalised or cooperative banks.

If cooperative banks are risky then why do the authorities encourage its functioning?

Taxes are deducted on deposits, both from cooperative bank depositors and nationalised bank depositors. Then why is the Cooperative Bank depositor (PMC Bank Depositor) made to suffer? This is sheer injustice.

Rules are different when it comes to banking operations of different banking sectors, and they become equal when it comes to tax deductions. Why is that so?

 Yes Bank issue was resolved quickly but PMC bank crises is still lingering. Why?

When the government can deduct taxes, why can’t they protect the funds of the depositors?

A year’s time is too large for an issue to get resolved. People are crying, dying, starving and suffering despite having money. Why are these factors ignored?  

Covid 19, has hit all of us financially. The part to be noted is, in such a situation a PMC bank depositor is unable to use his own earnings due to the restrictions imposed by RBI. PMC bank crises has shattered families. Festivals have been dry and miserable .  People are desperately waiting for a practical positive outcome. But till date it is only assurances.

Now the latest development of merger/ inviting financers to take over is  another twist.  This should have been done in the first few months itself when RBI placed curb on the activities. Why has it taken so long? Moreover this move is still not assuring the safety of our fixed deposits.  The plight of the PMC Bank depositors still continue …

The PMC bank depositors have played the role of a  responsible citizen , by waiting patiently and cooperating with the governing authorities for more than a year. Now it is the responsibility of the governing authorities to promptly take the necessary steps to give solace to the PMC bank depositors thereby restoring our faith in the system. 

On behalf of all the depositors,I  humbly request  the governing authorities to do the following at the earliest-

1.       Immediate steps should be taken to resolve the issue on an emergency basis.

2.       Whatever steps would be taken by the governing authorities, it should be in the interest of the depositors.

3.       The depositors should be allowed to make use of their money without any restrictions.

looking forward for your kind consideration and cooperation.

Regards

Miss Poornima Pandurang Shenoy

Mumbai