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2nd PMC Bank account holder dies of cardiac arrest

A second PMC Bank account holder has died of cardiac arrest. Fattomal Punjabi was depressed after the news of PMC Bank scam. He had an account with PMC Bank's Mulund Branch.

India TV News Desk India TV News Desk
New Delhi Updated on: October 15, 2019 23:51 IST
2nd PMC Bank account holder dies of cardiac arrest
Image Source : INDIA TV

2nd PMC Bank account holder dies of cardiac arrest

A second PMC Bank account holder has died of cardiac arrest Amid the ongoing crisis at the Punjab and Maharashtra Cooperative (PMC) Bank. Fattomal Punjabi was depressed after the news of PMC Bank scam. He had an account with PMC Bank's Mulund Branch.

This is the second such death in the last 24 hours. 51-year-old Sanjay Gulati, a customer of the PMC Bank, passed away on Monday. He took part in a protest rally by the depositors of the bank. He suffered a cardiac arrest after he returned home from the protest rally against the PMC Bank Scam. His deposits in the bank were worth Rs 90 lakhs. 

On Monday, Sanjay Gulati had participated at a rally against the PMC Bank scam, at the Killa Court in the Fort area. The incident occurred when he returned home in the afternoon and was having food. He suffered a cardiac arrest while he was eating and died.

Gulati was declared 'brought dead' after he was rushed to a hospital. 

Gulati was earlier an employee with Jet Airways and had lost his job after the airline underwent crisis in April. The PMC Bank crisis added up to his misery after the Reserve Bank of India placed restrictions on the withdrawal limit for the depositors. 

Earlier in the day Maharashtra Chief Minister Devendra Fadnavis said, "We will request the Centre to help depositors get their money back. I will personally be following up on this."

The RBI has barred PMC bank from carrying out "any kind of business transactions" for six months and has put limits on the amount that can be withdrawn by depositors from the urban co-operative bank.

Here's how restrictions on PMC Bank hurts its account holders

  1. PMC Bank depositors can't withdraw amount more than Rs 40,000 for 6 months
  2. The restriction on PMC bank has been levelled on the savings and current accounts or any deposit accounts,
  3. Depositors cannot do net banking even, as PMC Bank's online banking has been suspended.
  4. During the restriction period, the bank can't grant new loans or even accept any fresh deposits.
  5. EMIs for the loans with other bans won't be honoured.
  6. Depositors can't do utility payments through PMC Bank account.
  7. No SIPs, insurance premiums, EMIs or any other ECS amount will be debited from the bank, depositors need to register for a new bank account.
  8. ATMs have been taken off the payment network
  9. If the depositor's amount exceeds Rs 1 lakh and the bank goes completely bankrupt, then the depositor can only get Rs 1 lakh, as per DICGC rules.
  10. Bank has been barred from making any investment, incur any liability including borrowal of funds
  11. Bank cannot transfer or dispose of any of its assets or properties except as notified by RBI in the directions.

ALSO READ | With Rs 90 lakh stuck in PMC Bank, depositor dies of cardiac arrest

ALSO READ | RBI enhances withdrawal limit for PMC depositors upto ₹ 40,000

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