On Dhanteras, scam-hit women depositors of PMC bank hold protest in Mumbai

Several women depositors of crisis-hit Punjab and Maharashtra Co-operative (PMC) Bank on Friday staged a protest in West Mumbai's Andheri.

The women protestors raised slogans carrying placards which read "Where is the money on Dhanteras" and "Black Diwali, Thank you RBI".

Speaking to ANI, one of the protestors said, "Today is Dhanteras. We are on the roads today as RBI has put restrictions on the banking transactions for us. We have had many protests and today the women depositors of PMC bank have gathered together here for a symbolic protest before Diwali. 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."

"We women would like to fight for our money. We cannot take our legitimate money from the bank. It was said that after the elections, a decision would be taken but no action has been taken by the government," Laxmi Puri, another protestor said.

Echoing similar sentiments, a protestor named Sangeeta said, "Today, we are protesting on the occasion of Diwali. I have invested in fixed deposits in the bank but there is no one to hear our pleas."

Allwyn, another protestor said, "I have my life earnings in the bank. The government talks about financial inclusion but is my money safe? I need money for my mother's medicine but all my deposits are stuck."

Last month, the RBI restricted the activities of the PMC Bank for six months and asked it not to grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits after an alleged fraud of Rs. 4,355 crore came to light.

The organisation had initially capped the deposit withdrawal at Rs 10,000 but later raised it to Rs 40,000.

The Enforcement Directorate (ED) has seized and identified movable and immovable assets worth more than Rs 3,830 crore owned by HDIL in connection with the case.