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Mumbai: Depositors welcome news of PMC Bank takeover – Times of India

MUMBAI: It was as if the sun came out Friday for the weary depositors of PMC Bank, who have waited a year and a half to recover their money.
Lakhs of account holders have deposits ranging from a couple of lakh to crores of rupees in the once “robustly healthy” cooperative bank that abruptly went bust in September 2019.

On Friday, RBI’s in-principle approval of PMC’s takeover by Centrum Finance brought them relief and cheer.

On Friday, RBI’s in-principle approval of PMC’s takeover by Centrum Finance brought them relief and cheer.
Although the takeover process could take months to fructify, common account holders burdened by healthcare bills during the ongoing pandemic are pleased that the light is shining at the end of the tunnel.
Clifford D’Souza, a senior citizen from Andheri East, underwent a long spell of hospitalisation from March 10-25 owing to Covid.
He said Friday, “Fortunately I was able to withdraw Rs 3.5 lakh for my treatment thanks to the RBI guidelines that provide for emergency funds for PMC depositors who suffer from corona. So my liability in PMC Bank has reduced now. I have only a fraction of my original deposit left.”
D’Souza cautions that the road to recovery is long and could take up to a year.
“It remains to be seen how the Rs 4,400 crore liability of PMC Bank is addressed. It is not as if all the account holders can line up outside their branches right away and demand to withdraw their money. Only once the road map is designed and the fine print released can all depositors be assured that they will recover their investment,” he said.
Arati Salgaonkar, a public relations professional from Veera Desai Road, said, “There is much excitement on our PMC WhatsApp groups. This news comes as a huge relief because many people had given up hope. Of course we knew that takeover negotiations were under way, but the actual announcement brings ecstasy. Hundreds of people have worked so hard to make this happen, writing to FM Sitharaman and PM Modi, RBI, raising a tweet army, organising protests, liaising with media. This victory is a group effort.”
Another depositor Anita Lohia said, “It’s a great victory of PMC warriors who fought tirelessly for their rights. We have held more then 100 protests, written thousands of tweets and mails to the authorities, met most of the Central and state ministers and finally got the results of our hard work. Our never give up attitude finally won. Satyamev Jayate.”
A PMC employee from the western suburbs expressed hope that the path ahead would be smooth. “We are being paid less than half our salaries so one can imagine the pressure, especially in times of stress (like Covid and record inflation),” he said.