PMC Scam: With Rs 90 Lakh Stuck in Beleaguered Bank, ex-Jet Airways Staffer Dies of Cardiac Arrest After Attending Protest

PMC Scam: With Rs 90 Lakh Stuck in Beleaguered Bank, ex-Jet Airways Staffer Dies of Cardiac Arrest After Attending Protest

The Punjab and Maharashtra Cooperative (PMC) Bank crisis has claimed its first life. A 51-year-old account holder in the beleaguered bank, died of a cardiac arrest while returning home after attending a protest rally against the PMC Bank scam.

The deceased identified as Sanjay Gulati, had deposits worth Rs 90 lakhs in the Oshiwara branch of the PMC Bank. Gulati, a resident of Taporewala Gardens in Mumbai’s Oshiwara, was earlier employed with Jet Airways. Reports claimed that the man was already in stress after was terminated earlier this year as the private carrier ceased its operations.

Speaking to ANI, one of the relatives of Gulati said,”He has a special child … he was depressed … many times he said it was very difficult to run home. Earlier he was working in Jet Airways after losing his job, he was completely dependent on his savings, which was deposited in the PMC Bank. Prime Minister Modi promoted digital money, now what can the people do.”

Yesterday, around 200 PMC Bank account holders protested in front of Esplanade court demanding that no bail should be granted to the accused Sarang and Rakesh Wadhawan– Housing Development and Infrastructure Ltd. (HDIL) directors.

On September 24, the RBI restrained the PMC Bank from carrying out a majority of its routine businesses for a period of six months. This created huge panic among depositors, stunning the banking and corporate circles ahead of the festival season.

However, on Monday, the withdrawal limit was increased to Rs 40,000. Notably, the Reserve Bank of India (RBI) has hiked the withdrawal limit for the third time this month. Earlier on October 3, the RBI granted relief to account holders and depositors of PMC Bank by enhancing the withdrawal limit from Rs 10,000 to Rs 25,000. Initially, the RBI had restricted the withdrawal limit to a maximum of Rs 1,000 and later enhanced it to Rs 10,000.

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