Mumbai-based Punjab & Maharashtra Cooperative Bank (PMC) has been under regulatory restriction under Section 35A of B R Act by RBI for a period of six months due to irregularities disclosed to Reserve Bank of India (RBI). With the operational restriction in place, PMC bank – the urban co-operative bank will not be able to issue fresh loans, accept fresh deposits or borrow funds for the next six months. The account holders of the bank have been protesting against the restrictions for a while now. Initially, the withdrawal cap of Rs 1000 was imposed which has now been relaxed to Rs 50,000 and in case of a medical emergency, people can withdraw a further Rs 50,000.
The depositors of PMC bank depositors on Tuesday (October 5) staged a protest outside the RBI office in Bandra Kurla Complex (BKC). They were carrying placards and banners that read "Save us or kill us, RBI" and "We want justice". The reason for the protest today in front of the RBI office seems to be to catch the eye of Finance Minister Nirmala Sitharaman. She is in Mumbai to attend an event in NSE as a chief guest.
The protesters gathered at the spot at 11 am and they were demanding that they should be allowed to withdraw money from their accounts without restrictions. Nine people who were protesting against this have been detained by the police.
Mumbai: Police detains Punjab&Maharashtra Co-operative (PMC) Bank depositors who were protesting near Bandra Kurla Complex against Finance Minister Nirmala Sitharaman. Nirmala Sitharaman is a chief guest at an event in NSE (National Stock Exchange) building in the complex. pic.twitter.com/IHQE64VoYV
— ANI (@ANI) November 5, 2019
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