PMC depositors protest, 9 detained when they try to meet FM

At least nine depositors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank were detained on Tuesday when they tried to meet Union Finance Minister Nirmala Sitharaman at an event in Mumbai, police said.

A group of protesters gathered at the Bandra Kurla Complex (BKC) at 11 am and started raising slogans demanding they be allowed to withdraw money from their accounts above the limit prescribed by the RBI, an official said.

During the protest, some of them went to the National Stock Exchange (NSE) building, located inside the BKC, where Sitharaman was supposed to address an event.

"As they were trying to meet the finance minister without permission, police detained at least nine of them on the spot under section 68 of the Mumbai Police Act," the official said.

The detainees were released after the NSE event, he said.

At the event, the finance minister said the government and Reserve Bank are working to resolve the issues being faced by the realty sector.

Sitharaman had last month faced irate depositors of the PMC bank, and promised to bring in legislative changes for upholding their interests.

In September, RBI had imposed restrictions on the withdrawal limit of the account-holders after it found alleged irregularities to the tune of Rs 4,355 crore.

On Tuesday, the apex bank enhanced the cash withdrawal to Rs 50,000 per account, which was the fourth such increase since the bank was placed under its direct control with an administrator on September 23.

Five persons, including HDIL promoters Rakesh and Sarang Wadhwan, were arrested by the police in the case.

Several protests have been held by the depositors since September.

At least eight depositors have died since the alleged scam came to light.