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Business News/ Industry / Banking/  With 90 lakh stuck in PMC Bank after losing Jet Airways job, Mumbai man dies

With ₹90 lakh stuck in PMC Bank after losing Jet Airways job, Mumbai man dies

51-year-old Mumbaikar Sanjay Gulati suffered from a cardiac arrest after participating in a protest on the PMC Bank issue
  • Gulati had savings worth ₹90 lakh in PMC Bank
  • PMC Bank customers stage a protest in Mumbai. (PTI)Premium
    PMC Bank customers stage a protest in Mumbai. (PTI)

    NEW DELHI : Hit by a double blow of losing a job in Jet Airways and withdrawal restrictions in Punjab & Maharashtra Cooperative (PMC) Bank where he had kept his lifelong savings of 90 lakh, a stressed Mumbaikar died of cardiac arrest on Monday.

    After returning home in Oshiwara suburb from a protest related to the PMC Bank issue, 51-year-old Sanjay Gulati suffered from a cardiac arrest during lunch. He was rushed to the nearby Kokilaben Dhirubhai Ambani Hospital, where he was declared brought dead, according to an IANS report.

    The PMC Bank customer is survived by a specially-abled son for whose treatment he needed regular cash in hand which became impossible after the RBI placed stringent limits on cash withdrawals by the bank's depositors.

    He was already facing an uncertain flow of income ever since the collapse of Jet Airways six months ago. According to agency reports, Gulati was disturbed since the past few days by the developments and took part in a demonstration with 200 other customers against the PMC Bank scam in south Mumbai.

    Gulati and his family members hold deposits worth around 90 lakh in the Oshiwara Branch of PMC Bank, which has been frozen after the Reserve Bank of India's action last month, according to the report.

    Congress leader Sanjay Nirupam tweeted that thousands of the crisis-ridden bank's customers are protesting everyday in Mumbai.

    "If Govt. doesn't provide full protection to them many more such tragedies may happen in coming days," he said.

    In the meantime, the Reserve Bank of India (RBI) has increased withdrawal limits for PMC Bank customers to 40,000. With the above relaxation, about 77% of the depositors of the bank will be able to withdraw their entire account balance.

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    Published: 15 Oct 2019, 03:01 PM IST
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