PMC depositor with Rs 90L saving dies of cardiac arrest

A PMC Bank customer on Monday died of cardiac arrest after he returned from a protest against the beleaguered Punjab and Maharashtra Cooperative Bank in Mumbai. The 51-year-old, Sanjay Gulati, fell ill as soon as he reached home from the protest and died later. He had recently lost his job at Jet Airways.

According to reports, he had a deposit of Rs 90 lakh in the bank. Family and Friends said Gulati were in stress over his deposit in PMC Bank.

The depositors of the PMC Bank have been furious after the Reserve Bank of India (RBI) capped the withdrawal limit following complaints of irregularities in the bank.The RBI on Monday increased the withdrawal amount to Rs 40,000 from Rs 25,000 for six months. The RBI had initially allowed withdrawal of Rs 1,000 per account and later increased to Rs 10,000.

The Economic Offences Wing, Maharashtra Police had earlier pegged the scam at nearly Rs 4,500 crore and have already made a slew of arrests in the case, including the promoters of realty company HDIL the Wadhwans, and also the bank's chief executive and Managing Director Joy Thomas and Chairman Waryam Singh. They are all behind the bars now.

The bank, over a long period of time, had given over Rs 6,500 crore in loans to HDIL, which is 73 per cent of its total advances, and which has turned sour with a shift in the fortunes of the now-bankrupt company.

Its total loans stand at Rs 8,880 crore and the deposits at over Rs 11,610 crore. There have been massive protests across the city from the depositors following the RBI action.

(With inputs from PTI)