PMC depositors finding it hard to make ends meet 

Almost three weeks after RBI put restriction on Punjab and Maharashtra Cooperative Bank for their financial irregularities, account holders of the bank are finding it hard to make ends meet

Photo courtesy: Social media
Photo courtesy: Social media
user

NH Web Desk

Almost three weeks after the Reserve Bank of India put restriction on Punjab and Maharashtra Cooperative Bank for their financial irregularities, account holders of PMC bank are finding it hard to make ends meet.

According to a report in The Indian Express, Many of them are struggling to cope up with medical emergencies, while others are on the verge of bankruptcy and some are finding it difficult to feed their families. But one thing common among them is that they believe the government will interfere to ensure that they get back their money and it will take strict action against those who are guilty.

The Indian Express spoke to seven families affected by the curbs on withdrawal of money and came across seven different stories with one underlying theme — despair and anger.

Speaking to Indian Express, Gautam Chabria 47, a private employee said, “My mother and I lost a huge part of our savings in 2015 when we realised that the Rupee Cooperative bank had gone bankrupt. This is the second incident of a cooperative bank going back on its promise of safekeeping my money,” says Chabria,

He lives in Andheri with his 70-year-old mother and 21-year-old son with special needs.

“I have to take care of the medical expenses of my son and mother. All of that used to come from the savings in my PMC account. I had some fixed deposits and so did my mother, from the money my father left us in his will.”

“They have a monthly fee of ₹25,000. I don’t know how I will manage. The therapy my son receives there is important for him,” he said.

“There are several instances where the government has bailed out private and nationalised banks. With Rupee Cooperative bank, we only received ₹ 2 lakh back. I should have learnt my lesson then,” Chabria said.

Shabbir Khan (38), a travel operator told Indian Express, “I paid ₹1 lakh on September 23 towards the house in Thane and the next day, I had no money,” he says.

Shabbir Khan owns two cars that are used in his business, is planning to start driving one himself. “My children’s school fees have to be paid, we need to feed them. I have been surviving on vada-pav,” said Khan.

“Even when I had nothing, when I was starting my business, I was better off than now,” he says.

Khan is trying to get a refund of the ₹1 lakh paid to the builders. “If I get that money, I can at least ensure my children are fine, and pay off some of my staff,” he said.


“This election, I am not going to vote and will tell others to not vote either. No political party has supported us,” said Khan, to Express. “All the senior-level employees of the bank and the auditors should be put behind bars till we get our money back.”

Vijay Chaudhari, a Aurangabad businessman had opened a PMC account in July, and is now struggling to fund the treatment of his wife Sheetal (33), who has been suffering from kidney stones, reported The Indian Express.

“She needed a couple of surgeries last year, which I couldn’t afford. I sold my ancestral property and managed to do one, the next was planned for October,” says Chaudhari. “She is in so much pain, and bed-ridden. I don’t know how I will buy her medicines, leave alone the surgery.”

“I have an on-site contract business for a telecom firm. They are yet to pay me my dues. I have never asked for a single penny from anyone, but now I have borrowed money from everywhere, including loan sharks, to finish my projects so that I get my dues,” he said.

Follow us on: Facebook, Twitter, Google News, Instagram 

Join our official telegram channel (@nationalherald) and stay updated with the latest headlines