Will protect interests of depositors: Bank

Amid instances of deaths and also a suicide, of depositors, troubled PMC Bank's administrator met RBI brass including Governor Shaktikanta Das on Wednesday.

“It was assured that the bank will make all efforts to safeguard the interests of depositors and other stakeholders,” the statement from JB Bhoria, who was placed as the administrator last month by RBI, said.

It also informed that the bank is in the process of recasting its balance sheet to present a “true and fair picture”, according to the press release from Punjab and Maharashtra Cooperative (PMC) Bank’s administrator Bhoria.

The meeting with Das, deputy governor and other senior officials of the Central bank came after police authorities confirmed the death of one more depositor, Fattomal Punjabi (61) due to natural causes.

Reports of Punjabi’s death come a day after another depositor, Sanjay Gulati (51) of a heart attack after participating in a depositors’ protest, and the suicide of Dr Nivedita Bijlani.

Both Gulati (Rs90 lakh) and Bijlani (over Rs1 crore) had high amounts stuck with the bank, where the RBI has imposed restrictions on withdrawals since September 24, which now stand at Rs40,000 only.

Gulati had lost his job with a bankrupt private carrier Jet Airways in April and had a specially-abled son to tend to.

The PMC statement said the bank management led by Bhoria apprised Governor Das of the position of the bank after relaxation of the withdrawal limits to Rs40,000. “It was informed that the bank would expedite the processes of assessment of the realisability of the securities available with the bank and the forensic audit presently underway,” the press release said.

The bank, which is reported to have given over Rs6,500 crore in loans to a single borrower -- realty firm HDIL -- of the total loan assets of over Rs9,000 crore, will be recasting the balance sheet “at the earliest so as to arrive at the true and fair picture of its accounts,” it said.