Man with 90 lakh fixed deposit in crisis-hit PMC bank dies after protest
Mumbai : An account holder at the Punjab Maharashtra Co-operative (PMC) Bank with a bank deposit of over Rs 90 lakhs in the crisis-hit bank passed away on Monday. He died of a heart attack hours after he took part in a protest outside a Mumbai court against the bank.
Sanjay Gulati, 51, was under severe stress due to fear of losing out money, said Manali Narkar, who was among the protesters.
The Mumbai resident had gone to the protest with his 80-year-old father. Hours later he collapsed at the dining table at his residence, a senior official at the Oshiwara police station was quoted as saying by news agency PTI.
He was an engineer with the Jet Airways and was jobless since the operations of the airlines were shut. He has a wife and two children, including a specially-abled son.
Depositors have planned a candle light march this evening.
The crisis at the cooperative bank was set off after real estate firm HDIL defaulted on loans from PMC Bank worth Rs. 4,355 crore.
The PMC Bank has been placed under "directions" by the Reserve Bank of India (RBI) since last month. This means that depositors' withdrawals have been capped. The central bank on Monday raised withdrawal limit for account holders of PMC Bank to Rs. 40,000 from earlier withdrawal limit of Rs. 25,000.
Worried depositors of the bank, which has deposits of over Rs. 11,000 crore, have been protesting across Mumbai.