Nearly a month after the RBI clamped down on the operations of scam-hit PMC Bank, the depositors say their woes have only worsened, with some unable to pay school fees of their wards, while others finding it difficult to meet medical expenses. Chaudhary complain that they are unable to pay salaries to their workers, or pay taxes or even the electricity bills after the cheques issued by the PMC Bank bounced. Established in 1984 in Sion in central Mumbai, the bank now has branches in six States but most of them are concentrated in the metropolises of Mumbai and Delhi. However, depositors, who have parked lakhs and in some cases even crores in the bank, said the amount is too less even to meet monthly expenses. Anuradha Sen, 61, a resident of Malviya Nagar in south Delhi, says she has a ₹15 lakh deposit in the bank.

Source: The Hindu October 20, 2019 16:52 UTC