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PMC branches run out of cash, depositors left empty-handed

As officials struggle to keep up with depositors, politicians demand that withdrawal limits be raised further

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The Sahnis have fixed deposits worth over Rs 80 lakh at PMC Bank. Pic/Datta Kumbhar

The Sahnis have fixed deposits worth over Rs 80 lakh at PMC Bank. Pic/Datta Kumbhar

Even as families across the state struggle to manage their daily lives with their savings stuck in the beleaguered PMC Bank, politicians are having a field day milking the tragedy. The Sahni family in Andheri East has R80lakh in PMC Bank, but are struggling with daily expenses. Now, the BJP and Congress have jumped into the fray demanding a rise in withdrawal limits and threatening to go to court over the issue.

With fixed deposits of over Rs 80 lakh in Punjab and Maharashtra Cooperative Bank (PMC), the Sahni household in Andheri East, is now facing what could best be described as relative poverty, where despite more than adequate funds and assets in the bank, a liquidity crunch has hit them hard where day-to-day living is concerned.

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