PMC Bank depositors protest outside RBI headquarters

Depositors of the Punjab and Maharashtra Co-operative Bank (PMC) display placards during a protest over the Reserve Bank of India (RBI)'s curb on the bank, outside its headquarters in Mumbai on Saturday. Photo: PTI.

Depositors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank held a protest outside the Reserve Bank of India (RBI) headquarters in south Mumbai on Saturday (October 19).

The depositors gathered outside the RBI around 11.45 am and held protests by showing placards and chanting slogans against PMC Bank and the RBI, a police official said.

Police were deployed to avert any untoward incident, he said, adding that nobody has so far been detained or taken into custody.

After an alleged ₹4,355 crore scam came to light at the PMC Bank, the RBI initially capped withdrawals at ₹1,000 in view of liquidity crisis, and later hiked it to ₹40,000 in three moves. The depositors have been protesting to get their money back.