Mumbai: PMC bank depositors threaten to go on hunger strike

PMC bank depositors stage a protest at Azad Maidan on Friday. Pic/Bipin Kokate

Depositors and account holders of Punjab and Maharashtra Cooperative (PMC) bank staged a protest at Azad Maidan on Friday and said that if the government extended the moratorium on the withdrawal limit of '1 lakh, which ends on December 22, then they would go on an indefinite hunger strike.

About 100 depositors participated in the protest and alleged that the government was doing partiality with PMC bank and was not willing to solve the financial crisis. "It's been 15 months and not a single mortgaged property has been auctioned. The government is not serious about the concerns of the depositors. Every time they give us false assurances. But if they do not come up with a solution soon, we will go on an indefinite hunger strike and gherao the RBI headquarters," said depositor Nikhil Vora.

"My only question is if the government can solve the financial crises of Yes Bank and Lakshmi Vilas Bank within 14 days, then why haven't they shown such seriousness in protecting the rights of the PMC bank depositors? The government amended the Banking Regulation Act in September to protect the interests of the depositors of cooperative banks but nothing seems to be happening on ground," said another depositor Anita Lohia.

The protestors said that their hard-earned money was stuck in the bank, as they had only been able to withdraw '1 lakh over the past 15 months. "Just '1 lakh means we got '6,000 every month. How can one survive on that? But the government doesn't care about it," said Manjula Kotian, another depositor.

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