Depositors of PMC Bank protest outside RBI

PMC Bank depositors protest near RBI

It was Friday furore and frustration as depositors of the Punjab and Maharashtra Co-operative (PMC) Bank - the bank went under in late 2019 - held a protest outside the Reserve Bank of India (RBI), Fort, early in the afternoon.

This protest came after the bank's customers held a demonstration outside the RBI at the Bandra-Kurla Complex (BKC) on November 26. At that time, the sentiment was desperate and sew several protestors were weeping. This time, there was a steely resolve: "we want justice," they shouted.

Their main grouse is that the draft scheme of amalgamation of PMC Bank with the Unity Small Finance Bank does not have favourable conditions. "We will get all our money after 10 years, there is no interest on our money; tell me, which conditions favour us?" they shouted as they moved towards the Asiatic Society Library steps, a little away from RBI. They then gathered outside the Horniman Circle Garden.

Demonstrations and desperation sum up the plight of the customer. Pics/Suresh Karkera

Depositors stated, "After two years, and deaths of depositors, which have failed to move authorities, we do not trust anybody anymore."

"These are totally unfair conditions," said protestor Ratna Kumar. "If we get our money back after 10 years, it will go down in value," she explained. "Valueless," shouted a gentleman, "Why should we have to wait that long? There are senior citizens, what about them? Do they know how much they have to live?" Cancer survivor Kishore M who has been at numerous PMC depositor gatherings said, "We must have had 100 protests so far, protests are fine but is anybody listening?"

Why discriminate?

Most protestors, like Deepak J and I K Singh, were also simmering because of discrimination. They cited other banks where intervention happened and problems were solved quickly. "Why is RBI asking us to fund Unity Bank indirectly? That is our money in the bank. Who knows how long this amalgamation will last, too?" they asked cynically.

Dreams crash

Deepawali Naik, vociferous protestor, slammed RBI Governor Shaktikanta Das "for his silence of two years". She called the framing of the conditions in the particular proposal "dumb". Many protestors like Rona B had sold off existing property and put the money in PMC Bank, to buy other property. "Property gone, dreams gone, money gone," they said with Rona.

The humiliation

"Our relatives and friends turn away from us now, as they think we are going to ask for money," they said. "We cannot pay our loans, so are we going to be classified as defaulters for no fault of ours?" asked a woman. Narender Sharma said, "Today, at 65 plus, like so many depositors we are eating at least six tablets a day. No money means no medicines and no medicines means death; we will die too, like others who have perished."

More support

Protestors said more support from citizenry and "from politicians, our so-called great leaders", they scoffed, "is needed". Vidya M said, "My daughter had to stop her education and get a job. I wanted to buy a property, sab chaupat ho gaya," (everything has been finished). A bank customer Ramchander, claimed his family of four had "at least R 2 crore, all together in the bank, when will we get it?"

Another, Roopesh S, hoped for his money back for his son's forthcoming wedding. There were so many with their spirit crushed and lifeblood literally leached out of them. The combative slogan on several t-shirts worn by protestors read, "Aata mazhi satakli", in translation, ‘now I have lost it', perhaps aptly as they have been brought to the brink.