collapse Of PMC bank having 137 branches with multi state presence

Collapse of punjab and Maharashtra Co Op Bank
16 Lac Depositor deposited their life saving .
We are begging for our own money.
RBI as regulator is responsible entire fiasco unable to trace out fraud even after regular Inspection .
Govt as well state govt is silent about lacs deposit holder lost their money.
Govt should come forward for bail out proposal and save the .
bank .
35A Should be removed to generate confidence and Trust of Deposit Holder.
Trust and Reputation is Very Important for bank

Mahendra Doshi more  

View all 15 comments Below 15 comments
Our Govt policies have made financial matters very loose.For example any body can take huge loans and leaves the country.Govt can not do any thing for years together.Even after they are caught the punishments are very light.We do not give Capital Punishment for such frauds. more  
This is a fit case for the govt to step in and rescue the depositors, mostly from lower middle class, who put their lifetime savings, expecting a higher interest rate.

If the govt could write off Rs 275000 cr, due to public sector banks from big borrowers, and will have to forego 20 to 30 percent of the NPAs, in the name restructuring big borrowers, helping the PMC Bank depositors, by injecting Rs 5000 cr is nothing.

This amount, to the extent possible, should be recovered from the bank's borrowers, the officials and the auditors, who colluded to give away the bank's fund without adequate collateral . If they cannot pay up, they should be imprisoned according to the law. more  
This was not a business failure. It was a systematic loot by the very top management of the bank in connivance with the borrower and created 21000 ficticious accounts to hide the loan. Dont know under which category this crime will fall. To say in simple logic, bank management stole depositors' money. Since banks come under finance ministry, directly or indirectly, both RBI and Government of India must make good loss. more  
If RBI has control over the PMC Bank, Govt. must compensate depositors fully and immediately. All Directors and auditors of the Bank should be held responsible and their properties attached to recover Depositor's money. All Directors and Auditors should be jailed for a period of 3 to 10 years. The investigation and punishment should not take more than one year.
RYK more  
RBI as a regulator is a useless body. Otherwise so many scams would not have happened. Its officers are not alert but lethargic. I have experience of an officer in RBI replying to our company's letters in quite opposite way. In one letters he is replying to our letters and what more is to be done. Same officer in the same matter writes that he has not received any letters from our company. This went on more than two years. When I confronted him and fired him that he understood and checked up his records.
All the bank officers and Board of directors of the Company and the Bank should be severely punished by attaching their properties and putting them behind bars.
The auditors of the bank and the company should also be severely punished. Blacklisted for life. more  
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