'PM Modi, Please Help Us': PMC Bank Depositors Continue To Protest, Hundreds Gather In Mumbai

What does one do when their hard-earned money and savings is deposited in a bank and one fine day, the bank tells them they can't withdraw the same? This is exactly the situation of thousands of Punjab and Maharashtra Co-operative (PMC) Bank depositors who are desperately waiting to withdraw their money.

Maharashtra: Punjab and Maharashtra Co-operative (PMC) Bank depositors protest outside a PMC Bank branch in Andheri East, Mumbai. pic.twitter.com/TEutGDNvre

¡ª ANI (@ANI) October 25, 2019

The situation is so bad that every other day reports of PMC depositors deaths are coming to the fore.

Protesters are now pleading Prime Minister Narendra Modi to intervene and do something so that they could celebrate Diwali.

Since the news of the PMC Bank crisis developed, our ministers and the Reserve Bank of India (RBI) have been assuring the helpless depositors that their money is safe but it has been almost a month that nothing has been done in this regard.

BCCL

Already four persons have died as they could not withdraw their savings and another death has been reported.

Scores of depositors of the Bank had staged a protest demanding the removal of the restriction on cash withdrawal imposed by the Reserve Bank of India (RBI), which is currently capped at Rs 40,000 for six months.

AFP

The organisation had initially capped the deposit withdrawal at Rs 10,000 but later raised it to Rs 40,000.

Last month, the RBI restricted the activities of the PMC Bank for six months and asked it not to grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits after an alleged scam of Rs 4,355 crore came to light.