Man who saved Rs 90 lakhs in crisis hit PMC Bank dies after hours of protest in Mumbai

A 51-year-old man, whose family has a deposit of over Rs 90 lakh with the troubled Punjab and Maharashtra Bank Cooperative (PMC) Bank, has died due to a heart attack.

The man Sanjay Gulati a resident of suburban Oshiwara, Gulati had lost his job after the grounding of Jet Airways. He received a bigger blow earlier this month as he was unable to withdraw his life’s saving of Rs 90 lakh from PMC bank following RBI’s restrictions.

Gulati  suffered a heart attack as he was having dinner at home after attending a protest against the PMC Bank scam for about four hours outside the esplanade court.

The deceased’s friend, Radhika Nair said, “All his life savings was in the PMC Bank. He used to tell us how worried and stressed to manage day-to-day expenses and take care of his family without being able to withdraw money.”

He is survived by his wife Megha and two sons aged 18 and 10 years. Apart from his older son who is specially-abled, Gulati was also looking after his ailing parents who live in Bangalore.

“He would not talk about his situation much but we knew what he was going through. He lost his job and now the PMC crisis hit him. He used to go to all the protests and wait for some sort of positive news. He was patient but helpless. ” neighbour Sangeeta Khaitan, said.

The PMC Bank has been placed under “directions” by the RBI since last month, wherein depositors’ withdrawals have been capped. The limits were increased to Rs 40,000 by the RBI on Monday, and the central bank said 77 per cent of the customers will be able to fully withdraw their deposits with this move.

Four people, including promoters of realty firm HDIL to which the bank made the sour loans, and the lender’s former chairman and ex-managing director have so far been arrested in connection with the alleged Rs 4,355 crore scam.

Source : Various