Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
  • Municipal Corporations 9/10
  • TRS 8
  • INC 0
  • BJP 1
  • AIMIM 0
  • OTH 0
  • MUNICIPALITIES 114/120
  • TRS 96
  • INC 9
  • BJP 3
  • AIMIM 2
  • OTH 4
Refresh Data
Powered by cricketnext logo
News18 » India
2-min read

50 PMC Bank Depositors Detained After Protest in Mumbai, CM Uddhav Thackeray Assures Help

One of the depositors, Preetpal Singh, said since the last three months, they have been posting messages on the prime minister's twitter account to put forth their woes, but their miseries are yet to end.

PTI

Updated:December 15, 2019, 3:00 PM IST
facebookTwitter Pocket whatsapp
50 PMC Bank Depositors Detained After Protest in Mumbai, CM Uddhav Thackeray Assures Help
Uddhav Thackeray meeting PMC depositors

Mumbai: Over 50 depositors of the Punjab & Maharashtra Cooperative (PMC) Bank were detained by Mumbai Police on Sunday after they protested outside the residence of Chief Minister Uddhav Thackeray here, police said.

Later, Thackeray met a delegation of depositors of the troubled lender and assured that his government will take necessary steps to ensure justice to the bank's customers.

Nearly 500 depositors of the troubled bank initially gathered outside an office of the RBI in the Bandra-Kurla Complex (BKC) but they later headed towards 'Matoshree', the residence of Thackeray in suburban Bandra, in a bid to meet him, a police official said.

They assembled outside the gate of Thackeray's residence, shouted slogans against the RBI and demanded that their delegation be allowed to meet the chief minister, the official said.

"More than 50 protesters, including some women, were detained and taken to Kherwadi and BKC police stations," he said, adding they some of them were later let-off.

Later, Thackeray met a delegation of PMC Bank depositors at his residence, heard their grievances and assured all help, an official release here said.

"The government will take necessary steps to ensure justice to the bank depositors. My government will do all it can to cooperate with you," the CM told the delegation.

One of the depositors, Preetpal Singh, said since the last three months, they have been posting messages on the prime minister's twitter account to put forth their woes, but their miseries are yet to end.

Another depositor Vijayan Kurup said they will not oppose if the government wants to merge the troubled lender with another bank.

"We only want our money back," he added. State minister Jayant Patil on Thursday said the government will take up concerns of the PMC Bank's depositors with the Reserve Bank of India (RBI).

The state finance minister, who had previously suggested that the PMC Bank be merged with the Maharashtra State Cooperative (MSC) Bank, said he was told that linking of

the two banks was not possible.

The PMC Bank, which has around 16 lakh depositors, 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 more than Rs 6,700 crore in loans to the Housing Development and Infrastructure Ltd (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 around 9,000 crore and the deposits at over Rs 11,610 crore. There have been massive protests across city from the PMC Bank depositors following the RBI action.

Twelve people, including top officials of the PMC Bank and HDIL, have so far been arrested by Mumbai Police's Economic Offences Wing in connection with the scam.

At least eight depositors, who had high quantum of money stuck with the bank, died in the last couple of months, including one who committed suicide.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results