‘Everything’s stuck’: PMC Bank account holders face miseries
For a vast majority of the 1.7 million depositors, life continues to get harder by the day
They are themselves in the soup. The person at the counter told me her own father’s lifetime- savings are stuck in his account... NARAYAN LILANI,
PMC account holder
fraud to loan money to a cashstrapped HDIL. Agencies investigating the fraud have seized some of the Wadhawan’s assets including two business jets, many luxury sedans, and a luxurious farmhouse.
In Mulund, which has been worst hit by the bank crisis, many of the over 15000 account holders in the area say they are struggling to meet daily expenses, let alone handle medical emergencies and wedding plans. Every morning, people queue up at their local branch to withdraw what they are allowed to and appeal for more. In the evenings, their sit before their television screens waiting for any news of further relief from RBI or assurance from the government. “We just can’t understand why the government has been so insensitive. Not a single politician has shown up here, not even the political leaders worrying about their financial future of themselves and their families in the light of the scam. Three of these deaths were reported from Mulund. “At least 14 people have died here in connection with that, but their families don’t want to face the spotlight,” said Lewis.
Two of those who died lived in the immediate vicinity of Kamini Tote, who had lined up to withdraw whatever she could from the saving accounts of herself and her husband, who works as a driver. She said protesting was a privilege for those who could spare the time.
“Last year we heard that the bank got an award for its performance. Our trust is shaken.”
She did cast her vote on Monday, but she no longer cares who comes to power in the state next. “It clearly makes no difference to our lives.” Also waiting in the line was AB Sumtiran, a senior corporate professional, who had come prepared to appeal to the bank for at least a lakh to be able to pay for his wife’s scheduled knee surgery.
“I am carrying MRI reports, doctor’s recommendations, hospital’s estimate…” he said. For years, he has been following the “rosy” reports of the bank’s financial health. “Regularly I checked its balance sheet for gross profit, net profit, NPAS (bad loans). You obviously look at the history of the bank before parking your money in it. I was also impressed by the number of branches opening everywhere-137 at last count. I thought whenever I need my money, I will get it,” he said. “People are having sleepless nights here.”
He said the bank staff has been kind and supportive throughout the crisis.
“They are themselves in the soup,” said Narayan Lilani, 74, who has been banking with PMC for 25 years.
“The person at the counter told me her own father’s lifetimesavings are stuck in his account. They are working without the promise of salary. They have EMIS to pay.”