PMC Bank crisis: Account Holder term it a Black Diwali

PMC Bank crisis: Account Holder term it a Black Diwali

The depositors of The Punjab and Maharashtra Cooperative (PMC) Bank staged a protest in Andheri. They were carrying placards that read, “Where is the money for Dhanteras? “Black Diwali! Thanks RBI”.

Speaking to ANI, one of the protestors said, “As much as Housing Development and Infrastructure Limited (HDIL) is at fault, RBI is also at fault because they were not able to conduct audits in the past 11 years”.

Recently, RBi had come up with relief for its depositors, announcing that in case of medical or educational emergency, PMC Bank depositors can withdraw ₹50,000 from the bank along with the previous limit i.e. ₹40,000.

People have been protesting against the Reserve Bank of India (RBI) due to the PMC Bank crisis and five deaths have been caused due to the same. One of the deaths was caused as the depositor did not have the required amount for his bypass surgery.

The promoters of HDIL, Rakesh Kumar Wadhawan and his son Sarang, arrested by the Enforcement Directorate (ED) in connection with their money-laundering probe and will be in judicial custody till November 8, 2019.