PMC BANK

To

All the Account Holder/Depositors and Shareholders,

PMC Bank Co. Op. Ltd.,



Dear Sir,

You all are aware that due to default in PMC Bank Co-Op. Ltd., there is huge erosion in the net worth of PMC bank. The bank is submitting monthly statements to RBI for all the deposits and loans above 1 crore. The RBI failed to recognize the alarming situation and allowed the situation to continue. Now PMC Bank has informed Account holders to withdraw Rs.10,000/- only from their bank A/c which has been subsequently raised to Rs.25,000/- per depositor.



RBI being regulator of all the banks should have recognized the alarming situation and should have taken corrective steps to ensure that general public at large is not made to suffer due to any violations on the part of the board of the Bank.



Under the circumstances there is no option but to petition the Central Registrar of Co-operative department and Reserve Bank of India working under Ministry of Finance. It is imperative that Ministry of Finance in order to safeguard the interest of the account holders and depositors suspend the present board and appoint administrator to look after the day to day functioning of the bank, Failing which stake holders will have no option but to file public interest litigation (PIL) IN Mumbai High court Like Maharashtra State Co-Operative Bank PIL No. 10 of 2012 and seek Prosecution of all the Board Members of PMC Bank & RBI Officials Who allowed the violations to Continue and waited till the collapse of the Bank.





ARORA SURINDER MOHAN

Bharat Jan Aadhaar Party

Address:33/13 A wing, Kiran Chandra CHS Ltd, Manish Nagar, Shopping Center, Andheri West Mumbai - 400053 Tel No – 9820356260, 9833014795 more  

View all 17 comments Below 17 comments
The basic reason for all this is lack of proper punishment including Capital Punishment.Inefficient judiciary as it takes very very long time in settling cases,may be lack of courts and judges.Pendency of cases should not be more then 5 years. more  
You are expecting too much from corrupt Babu's and Netas. Their sole aim is to loot the common man and fill their coffers. more  
Central Government can go ahead and fund for the bad loans of farmers. Why they are not funding the PMC bank for common man money? In case of Farmers its the money given by bank & here its the common man money being asked back. more  
It is very shameful and irresponsible act on the part of RBI and Finance Ministry. Big frauders like Mallya ,Niraw and many others fooled banks in our country.A big amount of money from investors dragged into water. This must have been taken as an alerting alarm by RBI or Finance Ministry. But it is misfortunate that everyday the news of frauds appearing regularly.Many of the news of financial irregularities are not appearing in the media since the amount involved is not levelling to the tune of fraud made by Mallya or Nirav. At District,Tahsil,Villages and city level there are many banks and financial societies like Pat-Sansthas are operating. They have to operate according to RBI's rules only. They have to acquire leicence from RBI and follow the norms of Financial Ministry.They are binded to submit all periodical financial statements to RBI and to other controlling financial departments too. Most of these financial institute headed by Political heavy weights ,Netas,MLAs ,Ex MLAs.Recently in our Nagpur city a big fraud has been came in to light of Suyog Bank. Some times back magnificient financial irregularities observed in State Govt's Nagpur Distt Central Co.Op bank. Before that 'Parmatma Ek ' bank fraud was also much popular. It is unsolved mystery that when all these bank records are audited periodically and audit report is submitted to RBI and State Finance Ministry,Central Govt Finance Ministry ;how the fraud can not be traced out by so called intelligent financial bureaucrats,highly paid sleuths of economical offence department?

After repeated frauds our bank officers could not awake from the sleep and another fraud of PMC bank came in to notice.This should be alarming for other banks too.Henceforth no fraud should be happened. All Govt audit machinery at State & Central should be held responssible.RBI officers passing the annual balance sheet ,sitting at the top positions are responssible.Finance Ministry sleuths who are appointed there to keep vigil and take care of public money are the supporters of culprits like Maally and Nirav.These officers responssible for heinious act of allowing public money to be looted by frauders should be prosecuted and in addition ,the amount involved in the scandles should be recovered from their salaries. more  
Since 2013, GOI has taken no action against the fraud perpetrators of NSEL, wherein 13000 investors have been cheated of Rs. 5600 crs. including government entities like MMTC of Rs. 800 crores. The investigative agencies have identified the fraud mechanism and the scammers but the case keeps failing at the Supreme Court. Rs. 5600 crores is a huge amount and even the interest thereon is sufficient to fight the case forever.

Government must act in all circumstances where public has been cheated even though its statutory bodies like SEBI, RBI, Finance Ministry and large Audit firms are involved and tasked with keeping a watch. more  
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