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PMC Bank depositors denied permission for protest in Mumbai

War Conflict

Press Trust of India  |  Mumbai 

In view of the violence in Delhi

and protests against the Citizenship Amendment Act, the Mumbai Police have denied permission to depositors of the troubled Punjab & Maharashtra Cooperative (PMC) Bank for staging a protest outside the RBI Bank's office here on Monday.

"They approached us, but we denied permission... gathering or protest is not allowed," Deputy Commissioner of Police Datta Nalawade said.

No one can gather without permissionunder provisions of the Bombay Police Act. Such an order is issued by police every 15 days as a routine, Deputy Commissioner of Police Pranay Ashok said.

A delegation of PMC Bank depositors had approached the police seeking permission for a 'peaceful protest' outside the RBI office in Bandra-Kurla Complex (BKC) on Monday morning.

Hundreds of account holders of the bank were likely to participate in the protest.

Vishal Vashisth, who was part of the bank depositors' delegation, said, "We approached the police and met DCP Datta Nalawade as well as Additional Commissioner of Police (West) Manoj Sharma, who briefed us that due to violence in Delhi and the anti-CAA protests, no one is allowed to protest or assemble."

He said the police informed them that there is prohibition on any assembly or procession since the last three days under the Bombay Police Act.

"We gave them an undertaking that if anything happened, then we will be responsible, but they did not give us permission. The officials said if they will allow us, then other people may also approach them for permission and in the current situation, it is not feasible," he said.

The PMC Bank has been put under restrictions by the RBI after an alleged fraud came to light following which the deposit withdrawal was initially capped at Rs 1,000, causing panic and distress among depositors.

Subsequently, it was raised to Rs 10,000 and later to Rs 50,000 by the RBI.

It was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans.

The bank, over a long period of time, had given over Rs 6,500 crore in loans to HDIL, which is 73 per cent of its total advances, and which turned sour with a shift in the fortunes of the now bankrupt company.

Its total loans stand at Rs 8,880 crore and the deposits at over Rs 11,610 crore. There have been massive protests by the depositors following the RBI action.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, March 02 2020. 13:54 IST