Crisis in Punjab and Maharashtra Cooperative Bank (PMC) has created an adverse situation for its depositors. Sanjay Gulati, a 51-year-old died because of a heart attack after protesting against scam hit PMC bank. Ever since the crisis at PMC bank, RBI imposed withdrawal limit of INR 25000 per customer. Mr Gulati was stressed because he could not withdraw his 90 lakhs from the bank.
Sanjay worked at Jet Airways until it shut down recently. He was a resident of Oshiwara, Mumbai. He died due to a heart attack at his house after he came back from the protest against PMC banks held in front of Killa Court, Mumbai. His relatives revealed that he was under stress for the past few days because of his money trapped in the bank. He and his family had a total amount of 90 lakhs in four accounts at PMC bank.
The Bank Scam
Housing Development and Infrastructure Limited (HDIL), the biggest borrower of PMC Bank since 2008. It managed to keep its dues of INR 4335.46 crores unpaid with the help of PMC officials. The matter came into limelight when Jasbir Singh Matta (Manager of Recovery cell, PMC Bank) filed a complaint against Joy Thomas (Managing director), Waryam Singh (Director of PMC) and other officials. Further accused officials for submitting wrong reports on accounts to RBI.
Looking into the matter, RBI put a limit on withdrawals from the Bank. Initially, the account holders could withdraw INR 1000 only. The limit increased to INR 40,000 as per the orders of the government.
Around 200 bank account holders came together to organize a protest in front of Killa court in Fort Area, Mumbai. The accused managing director, former chairman, and other officials arrived at the court for hearing.
Congress Leader, Sanjay Nirupam, tweeted that many such protests are being held every day in Mumbai. Such tragedies would continue if the government did not do something to protect its people.