PMC depositors seek redrafting merger scheme
A delegation of PMC Depositors’ Forum meets MoS Finance in Aurangabad, and suggests to offer another Rs1,000 crore as temporary interest-free loan
image for illustrative purpose
Plight of Depositors
- Forum requests govt that every depositor to get backhard-earned money in shortest possible time
- Request for redrafting amalgamation scheme
- So far, over 250 PMC depositors passed away
We depositors have just received Rs1 lakh in 28 months which means Rs119 per day, where a labour also gets his wages of Rs500-1000 per day, said Chander Purswani, president, PMC Depositors' Forum
Mumbai: The depositors of PMC Bank want the government to reduce the tenure of amalgamation scheme of 10 years and the interest to be paid to them at the currently existing rate of interest and the cut-off date at par with the new depositors of Ujjivan Small Finance Bank (USFB). PMC Bank is set to be merged with USFB.
The delegation has also suggested that if the central government offers another Rs1,000 crore as temporary interest-free loan like DICGC for long term to USFB, all the depositors of the bank should be able to sail through and the proposal submitted by them would be easily viable and help each and every depositor to get their hard-earned money back in shortest possible time which may become a very big positive step from the government in resolving the crisis pertaining to the scam-hit bank.
A delegation of PMC Depositors' Forum called on the Union Minister of State (MoS) for Finance, Dr Bhagwat Krishanrao Karad in Aurangabad on January 15 and urged him to redress their grievances related to the scam-struck bank.
The delegation discussed the amalgamation draft scheme of Unity Small Finance Bank with PMC as announced by the Reserve Bank of India (RBI). Talking to Bizz Buzz, Chander Purswani, president, PMC Depositors' Forum, said: "We met Karad, (Union Minister of State for Finance) and gave our representation to reduce the tenure and give interest to all the depositors. We also mentioned this amalgamation scheme given by RBI needs to be redrafted and amended in the interest of the depositors."
We are hopeful that the minister will support PMC Depositors. The delegation requested the need to amend the amalgamation scheme given by RBI for 10 years, he added.
Since the minister has mentioned time and again that he is always there for the depositors and being a doctor himself, the minister understands the value of life, wherein we have lost over 250 PMC Depositors so far, he said.
As mentioned, the senior citizens may not be able to even see their money. According to Purswani, "We depositors have just received Rs1 lakh in 28 months which means Rs119 per day, where a labourer also gets his wages of Rs500-1000 per day." After the meeting, the minister called up his PA and asked him to arrange another meeting with the delegates shortly. The minister will be calling the delegation to his New Delhi office within a couple of days to discuss the issue with Financial Secretary and his other team members, he said.
