Mumbai: A retired policeman was among the investors, who were hit by the Reserve Bank of India’s (RBI) restriction imposed on the Punjab and Maharashtra Co-operative (PMC) Bank from carrying out almost all its routine banking activities for six months.
Suryakant Chavan (59), who was attached to the technical unit of Mumbai police, had deposited all his life savings and money kept aside for buying a house, in the PMC bank.
Chavan said, “After the news of the PMC bank put under directions, citing irregularities in lending loans to some companies levelled on September 23, he has been getting nightmares.”
Chavan, who stayed with his family at the police colony in Andheri, retired last year after completing 25 years of service. He received a huge amount in lump sum, which he decided to invest in a house.
Chavan had been on a house-hunting spree since then. “I had an account in Axis Bank, but since we were planning to buy a house, I transferred the account to the PMC bank’s Borivli branch, as it was easily accessible.
I thought of opening an account in a branch near my house for my own convenience that it will be easy to make payment at the time of a property deal. Now, I regret doing so, and am doomed after the bank was put under restrictions by the RBI,” Chavan said.
Chavan had deposited all his life savings, retirement funds in the PMC bank. Since Chavan’s house-hunting did not bear fruits, he rented an apartment in an old building at Borivli till they find a suitable house.
On September 23, Chavan woke up to the shocking news of RBI putting the PMC bank under prompt corrective action while it reviews and manages irregularities in its books.
“After I learnt of the PMC scam, I rushed to the Borivli branch of the bank, where we met the manager. While the manager assured me and other depositors that the money is safe, I contacted a finance adviser, who told me otherwise.
I was completely shattered to learn that all my money was stuck in a bank and there was nothing I could do,” a sobbing Chavan said.
As the time elapsed on September 23 and the depositors began gathering outside PMC branches, Chavan tied up with a few affected depositors and has been running from pillar to post since then.
“Till now we have approached the Borivli, Bhandup and Andheri branch to seek justice in the most humble, non-political way we could. All we want is that every person affected with this scam gets justice,” concluded Chavan.