PMC bank depositors hold protest outside Esplanade Court in Mumbai

Union Finance Minister Nirmala Sitharaman had earlier met customers of PMC Bank on October 10 and heard their woes.

Published: 14th October 2019 01:21 PM  |   Last Updated: 14th October 2019 01:21 PM   |  A+A-

PMC bank

Mumbai Police personnel stand guard outside Punjab and Maharashtra Cooperative Bank PMC at GTB Nagar in Mumbai. (Photo | PTI)


MUMBAI: Punjab and Maharashtra Cooperative (PMC) Bank depositors on Monday held a protest, outside the city's Esplanade Court, demanding reimbursement of their money from the bank.

"Our main issue is that the money of all PMC Bank depositors should be returned. According to reports, Finance Minister Nirmala Sitharaman has hinted that the PMC bank will be revived or merged with some other bank," Sudhir, a depositor said.

"My expectation as a depositor from the Finance Minister is that she should take onus for this situation. I want to get an assurance in writing from the government that my money is safe," Mahesh Datlani, another depositor said.

Union Finance Minister Nirmala Sitharaman had earlier met customers of PMC Bank on October 10 and heard their woes.

"Finance Ministry may have nothing to do with it (PMC bank matter) directly because RBI is the regulator. But from my side, I've asked the secretaries of my ministry to work with the Rural Development Ministry and Urban Development Ministry to study in detail as to what is happening," she had said.

Last month, the RBI restricted the activities of the PMC Bank for six months and asked it to not grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits.

The Reserve Bank of India (RBI) on October 3 stipulated the withdrawal limit for the depositors of Punjab And Maharashtra Cooperative Bank Ltd to Rs 25,000.

PMC Bank is a multi-state scheduled urban cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh, and Madhya Pradesh. With a network of 137 branches, it ranks among the top 10 cooperative banks in the country.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp