We are begging for our money: Bank depositors protest outside RBI

It was Friday fury tinged with a sense of heartwrenching futility as a group of depositors of the Punjab and Maharashtra CoOperative Bank PMC staged a protest outside the Reserve Bank of India RBI at BandraKurla ComplexThe PMC had gone under two years ago as depositors spiralled into a vortex of despair The crisis started in September 2019 with the RBI putting clamps on the activities of the Mumbaibased bank for half a year At that time there was a cap on the amount a customer could withdraw a meagre Rs 1000 for six months which then went to Rs 25000Reports about deaths because Bank customers could not afford medical care flooded the press Now after two years dashing hopes and compounding the agony the RBI in its draft scheme of amalgamation of the PMC bank with Unity Small Finance Bank Ltd USFB has placed restrictions on access to deposits beyond R5 lakh that depositors can receive They are also going to be repaid in tranches over years stretching to a decadeWrenchingThe bank customersrsquo stories moved even the most cynical as they shouted ldquowe want our money we want justicerdquo in the blaze of a searingly hot late morning ldquoThey are squeezing us dry these new schemes and conditions about when we will get our money mean nothingrdquo said a distraught woman one of the early bird protestors Another man said ldquoI sold my share in some property and invested the money in the bank Today I have to take a loan to survive My daughter has been unable to finish her studiesrdquo he elaborated his voice quaveringMost protesters were shouting in groups A silverhaired gent there were many senior citizens shouted ldquoWhen will we get our money I am 77 today I will not live for 10 years longerrdquo Several citizens endorsed that sentiment but by then a protestor shouted ldquoWhy 77 Today 40 yearolds are passing away we have seen this especially in the time of Coronardquo Another protestor asked ldquoThere was a whistleblower who had raised a red flag much earlier but no attention was paid to this WhyrdquoTearsA few women were weeping Rona B a depositor said ldquoWe are begging for our own hardearned money not stolen money I am 67 today when do I get my money when I am 77 It has been money earned through 46 yearsrdquo Another woman made a bowl shape with her hands and said ldquoWe are beggars we have to ask for bheek on the roadsrdquo Hitesh Agarwal from Mira Road looking completely tormented and trying to control his tears said ldquoI cannot show my tears if I break down what will happen to my familyrdquoNexusThe protestors asked why the PMC Bank had retained the same employees when the Bank went under if some of them were in collusion with the corrupt ldquoWonrsquot your eyes open They are also paying employees a salary the Bank is functioning so there is money our moneyrdquo A lady shouted through the small crowd ldquoThis is an unholy nexus between politicians bank officials and builders write thatrdquo she said to this reporter in frustrationDogsAs the group unfurled posters one banner had a sketch of a skeleton The accompanying text read ldquoPMC depositors after 10 yearsrdquo Depositor Sebastian Varkey and others asked why property cannot be auctioned off and they be paid back their money Protesters also pointed to the simmering injustice ldquoCustomers of other banks in similar dire straits got back their money we are still begging Those who have taken huge loans and cannot repay the banks are leading a fantastic life When we approach bank officials to help us we will be shooed away like dogsrdquo they said bitterlyBorrowCancer survivor Bony Lal stated ldquoI had to borrow money from relatives and friends to pay for my treatmentrdquo Protestors shouted ldquoWe are animals thrown on the roadrdquo The State and Central governments came in for a roasting with protestors stating that ldquoNot a single politician stepped in to help only sugary speeches were heard earlier Look at them now Where are they Hundreds of deaths have taken placerdquo An aggressive Chartered Accountant CA Tapash Roy Chowdhury told this reporter ldquoWhere are the television channels Nowhere to be seen you all press have been purchased bought bought Where is the Achche Din All you are doing is reporting PM speecheshelliprdquoIf some of the statements sounded extreme and sweeping it was because this is a very desperate situation It was evident that depositorsrsquo dignity has been stripped away One would be spot on to say that the spectre of death hung over these customers who have been dealt a cruel card thanks to the corruption