The investors and depositors associated with the scam-ridden Punjab and Maharashtra Cooperative Bank have reacted with shock and pain at the RBI’s notification allowing Unity Small Finance Bank to take over the PMC Bank and start conducting the business.
They have criticized both the Central Government as well as the Reserve Bank of India for not giving relief to them. Several of them took to social media to react to the notification released by the RBI a day prior to Republic Day. Many of them have sent their reactions to Indian Cooperative on WhatsApp. We are reproducing a few of them.
The PMC Bank Account Holders Forum Coordinator Dipika Sahani wrote “This is our plight that even after the final scheme, it is detrimental to the interest of retail depositors as well as institutional and long-term depositors. It is totally against the interest of shareholders as it has wiped out the whole share capital. The entire scheme benefits the SFB as they not only got a license but all the PMC Bank assets in charity”, she added.
Another member of the PMC Bank Account Holders Forum Manjula Kotian wrote, ” After hearing the news of the PMC amalgamation, two depositors have already passed away. Many people are going through depression, everyone is in confusion and tensed as to where to go, whom should we approach now as we have already knocked the doors of all the officials”.
“We had already approached Bharat Pe, RBI Sentrum that this decision will not be accepted, this decision is not in our favor. We do not understand how we should react to this, we do not have any trust left in this government, even after Modi knew all the situation and crisis, he has kept his eyes closed. Shame on this Government”, Kotian’s message reads.
Reacting to this, a social media user and PMC Bank depositor wrote, This is an unfair scheme for the PMC Bank depositors. No interest for 5 years and it is shocking indeed how the corrupt system has manipulated things. We are disappointed and disheartened that none of our suggestions was incorporated into the draft “.
Meanwhile, helping the depositors of PMC Bank, Sahakar Bharati has entered the picture and decided to petition the Supreme Court against the amalgamation scheme of PMC Bank.
The Depositors have also got support from NAFCUB which has vowed to continue the fight for justice in favour of PMC Bank depositors.