Entire loss of PMC Bank being thrust on depositors: Sahakar Bharati to RBI

Repay PMC depositors' money in 5 years and pay at least 6% interest per annum, the umbrella body of co-operative organisations tells RBI

Sahakar Bharati wants small depositors of fraud-hit Punjab & Maharashtra Co-operative (PMC) Bank to be paid their money in five years from the appointed date. Further, the depositors should be paid interest at least equal to the average inflation rate per annum, but minimum six per cent till repayment, Sahakar Bharati said on Saturday.

In a communication to the Reserve Bank of India, the umbrella body of co-operative organisations suggested changes to the draft scheme for the amalgamation of PMC Bank with Unity Small Finance Bank (SFB). 

"It was expected that the resolution of the PMC Bank crisis would be to protect