Thousands of savings account holders of the Punjab and Maharashtra Cooperative (PMC) Bank were bereaved as RBI issued an order to freeze the accounts of depositors in a circular last week. On 24 September, the RBI had placed restrictions on the amount that can be withdrawn from the Punjab & Maharashtra Cooperative Bank, Mumbai, setting the limit at Rs 1,000.
Satinder Singh, 42 an NRI who works in the oil and gas industry, mostly for overseas companies finds himself in a hapless situation after hearing the bank’s freezer. He worked for 20 years in rigs and saved 2.6 crores only to uplift his humble family. His father a former taxi driver had many dreams of him when he strived to put both ends of life together.
“I don’t know how I will face my parents. They are aware that the bank is in trouble but they don’t know that we are doomed if it doesn’t pay us back,” he added.
What else can I do?” he said over the phone, fighting back tack the tears. “I am ready to wait but the RBI should end this uncertainty. They should tell us what will to happen to our savings. If I don’t get the money back I will commit suicide in front of the RBI building,” he said, his voice quavering.
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