The future of depositors at PMC Bank has been gloomy till now

Consumers claim 40,000 limit is insufficient

(PTI) New Delhi / Mumbai, Ta. October 20, 2019, Sunday

Punjab and Maharashtra Co-operative (PMC) Bank customers facing severe financial crisis due to ADIL scandal are aggravating problems. The credit of the bank depositors is that they can not pay the children's school fees even though the bank has an account and cannot pay the bills for orthopedic treatment.

In the midst of these problems, another landlord of PMC Bank has been killed in Mumbai. With this, five employees of the bank have been killed after the scam came out. The family, however, said the senior citizen's death was not related to the bank.

The Reserve Bank of India's limit for withdrawing money from PMC Bank for six months is Rs. 40 thousand fixed, thus increasing the problems of consumers.

Bank customers are scared to sink their whole life earnings deposited into the bank's savings or FD account. M. a businessman from Mumbai. a. Choudhary says that because of the check bounce of the PMC, he could not pay the salary of the employees and could not pay electricity bills.

Millions of people have been trapped in the bank while five bankers have been killed in the wake of the crisis. However, on the death of a senior citizen, the family said they died naturally. They have nothing to do with the PMC Bank scam.

The bank's MD, Joy Thomas, sent an SMS to depositors on September 24, informing them of the restrictions imposed by the Reserve Bank and they had spent only six months for Rs. Only 1,000 can afford it.

However, after intense protests from the bank's officials this month, the bank had earlier withdrawn Rs. 10,000 and then Rs. Up to 40,000 allowed to withdraw. However, customers who have deposited millions and crores of deposits in the bank say that the RBI-approved amount is much less than their monthly expenses.

Thousands of elderly customers in the bank have deposited large amounts of fixed deposits and are earning a living from their interest. Another customer says he is worried that the government is not helping in this matter when the sweat money of millions of consumers is at risk.

With the emergence of the PMC Bank scandal, many savings and current account holders have lost their trust in the banking system. It will be challenging for the government to bring this trust back into consumers.