We are begging for our money: Punjab and Maharashtra Co-Operative Bank depositors protest outside RBI

PMC depositors protest at BKC. Pic/Sayyed Sameer Abedi

It was Friday fury tinged with a sense of heart-wrenching futility as a group of depositors of the Punjab and Maharashtra Co-Operative Bank (PMC) staged a protest outside the Reserve Bank of India (RBI) at Bandra-Kurla Complex.

The PMC had gone under two years ago, as depositors spiralled into a vortex of despair. The crisis started in September 2019, with the RBI putting clamps on the activities of the Mumbai-based bank for half a year. At that time, there was a cap on the amount a customer could withdraw, a meagre Rs 1,000 for six months which then went to Rs 25,000.

Reports about deaths because Bank customers could not afford medical care flooded the press. Now after two years, dashing hopes and compounding the agony, the RBI, in its draft scheme of amalgamation of the PMC bank with Unity Small Finance Bank Ltd (USFB), has placed restrictions on access to deposits beyond R5 lakh that depositors can receive. They are also going to be re-paid in tranches, over years stretching to a decade.

Wrenching

The bank customers' stories moved even the most cynical, as they shouted "we want our money, we want justice" in the blaze of a searingly hot late morning. "They are squeezing us dry, these new schemes and conditions about when we will get our money, mean nothing," said a distraught woman, one of the early bird protestors. Another man said, "I sold my share in some property and invested the money in the bank. Today, I have to take a loan to survive. My daughter has been unable to finish her studies," he elaborated, his voice quavering.

Most protesters were shouting in groups. A silver-haired gent, there were many senior citizens, shouted, "When will we get our money? I am 77 today, I will not live for 10 years longer." Several citizens endorsed that sentiment, but by then, a protestor shouted, "Why 77? Today, 40- year-olds are passing away, we have seen this especially in the time of Corona." Another protestor asked, "There was a whistleblower who had raised a red flag much earlier, but no attention was paid to this. Why?"

Tears

A few women were weeping. Rona B, a depositor, said, "We are begging for our own hard-earned money, not stolen money. I am 67 today, when do I get my money, when I am 77? It has been money earned through 46 years." Another woman made a bowl shape with her hands and said, "We are beggars, we have to ask for bheek on the roads." Hitesh Agarwal from Mira Road, looking completely tormented and trying to control his tears, said, "I cannot show my tears, if I break down, what will happen to my family?"

Nexus

The protestors asked why the PMC Bank had retained the same employees when the Bank went under, if some of them were in collusion with the corrupt? "Won't your eyes open? They are also paying employees a salary, the Bank is functioning, so there is money, our money." A lady shouted through the small crowd. "This is an unholy nexus between politicians, bank officials and builders, write that," she said to this reporter, in frustration.

Dogs

As the group unfurled posters, one banner had a sketch of a skeleton. The accompanying text read: "PMC depositors after 10 years." Depositor Sebastian Varkey and others asked why property cannot be auctioned off and they be paid back their money. Protesters also pointed to the simmering injustice. "Customers of other banks in similar dire straits got back their money, we are still begging. Those who have taken huge loans and cannot repay the banks are leading a fantastic life. When we approach bank officials to help us, we will be shooed away like dogs," they said bitterly.

Borrow

Cancer survivor Bony Lal stated, "I had to borrow money from relatives and friends to pay for my treatment." Protestors shouted, "We are animals thrown on the road." The State and Central governments came in for a roasting, with protestors stating that, "Not a single politician stepped in to help, only sugary speeches were heard earlier. Look at them now. Where are they? Hundreds of deaths have taken place." An aggressive Chartered Accountant (CA) Tapash Roy Chowdhury told this reporter, "Where are the television channels? Nowhere to be seen, you all press have been purchased, bought, bought. Where is the Achche Din? All you are doing is reporting PM speeches…"

If some of the statements sounded extreme and sweeping, it was because this is a very desperate situation. It was evident that depositors' dignity has been stripped away. One would be spot on to say that the spectre of death hung over these customers, who have been dealt a cruel card, thanks to the corruption.