No funds available: Depositors at India's PMC Bank survive on loans, charity
4 years, 3 months ago

No funds available: Depositors at India's PMC Bank survive on loans, charity

India Today  

In February, 82-year-old Kishan Lal appealed to India's finance minister for help, saying in a Twitter message he was ready to donate his kidney and eyes if someone could help arrange funds to treat his daughter, who had a brain tumour. Asked about the delay in resolving PMC's problems, Jai Bhagwan Bhoria, an administrator appointed by the RBI to revive the bank, told Reuters: "The recovery is an ongoing process and it takes time in actual realisations due to legal steps and hurdles faced." In one of them, Sandeep Bhalla, whose parents have nearly 10 million rupees blocked in PMC, has told the Delhi High Court that depositors of PMC were "discriminated against" compared to those from commercial lender Yes Bank. Noting PMC depositors were in a "dire state", the court said the RBI and the finance ministry played a crucial role in rescuing Yes Bank and asked them both to "delve into the aspect" of why PMC depositors were differently treated. "GET WELL SOON RBI" Set up in 1984, PMC is a regional lender with 137 branches across six states and by last year it had deposits of $1.5 billion.

History of this topic

SBI rejects Andhra Pradesh government's Rs 6,500 crore overdraft
3 years, 2 months ago
Small finance bank to take over PMC Bank: RBI tells Delhi HC
3 years, 5 months ago
RBI Paves Way for Takeover of Crisis-hit PMC Bank, Allows Centrum to Set Up Small Finance Bank
3 years, 6 months ago
Centrum-BharatPe to take over PMC Bank
3 years, 6 months ago
SBI collects Rs 300 crore from zero balance accounts for certain services in 5-year: Study
3 years, 8 months ago
Fixing the banking mess
3 years, 11 months ago
Initial Response Looks 'Positive' for PMC Bank Resolution, Says RBI Governor
4 years ago
Scam-hit PMC Bank Invites Expression of Interest from Potential Investors for Reconstruction
4 years, 1 month ago
Fraud-hit PMC Banks Approaches Banks Over Possible Merger, Reveals Report
4 years, 3 months ago
Fraud-hit PMC asked other major banks for merger: Bank tells Delhi HC
4 years, 3 months ago
Withdrawal Limit of Rs 1 Lakh on PMC Bank Can't be Increased Due to Lack of Liquidity, RBI tells Delhi HC
4 years, 4 months ago
PMC Bank: RBI cites liquidity issues for not raising withdrawal limit beyond ₹1 lakh
4 years, 4 months ago
Plea to release ₹5 lakh to PMC bank depositors during COVID-19; HC seeks Centre, RBI
4 years, 5 months ago
Why PMC Bank, Yes Bank depositors in different circumstances: HC asks RBI, govt
4 years, 5 months ago
PMC Bank: RBI extends restrictions for 6 months; withdrawal limit now ₹1 lakh
4 years, 6 months ago

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