PMC Bank crisis claims 5th victim; RBI move likely

Mumbai: The ongoing crisis over the Punjab & Maharashtra Cooperative Bank claimed its fifth victim in a week on Saturday amidst speculation that the Reserve Bank of India (RBI) is likely to take some major decisions in the matter on Tuesday, a day after the Maharashtra Assembly election.
“It’s indeed very sad that a fifth person from Mulund, senior in age, has died this morning. However, the family has requested us not to share any details and we respect their sentiments,” banking expert Vishwan Utagi told IANS.
Advising the crisis-hit bank’s customers and institutional depositors on options to recover their monies, Utagi is preparing to file a public interest litigation against the PMC Bank shortly.
Braving a downpour this morning, over a 100 aggrieved depositors held their eight protest on Saturday, this time near the RBI headquarters in south Mumbai, amidst tight police security.
Besides, four other persons including two women collapsed due to stress during the protest and were rushed to nearby government hospitals for treatment, said a depositor.
“We have been reliably informed that the RBI will make a major statement in the media pertaining to the PMC Bank depositors’ plight. We are very hopeful it will be in our favour,” claimed a depositor, addressing an impromptu gathering of protesters.