Draft amalgamation scheme insensitive and a cruel joke: PMC depositors

PMC assets sufficient to meet liabilities of all retail depositors, says Depositors Association

The PMC Depositors Association, which represents more than 500 depositors of the troubled The Punjab and Maharashtra Cooperative (PMC) Bank, has termed the Reserve Bank of India’s draft scheme of amalgamation with Unity Small Finance Bank as shamefully insensitive, and said the scheme is no less than a cruel joke played on the depositors.

The draft scheme, announced last week, proposed depositors of the troubled lender with deposits of more than Rs 5 lakh have to wait 5 to 10 years to get their principal amount back. In addition, interest will not be accrued on such deposits for the first