PMC Bank depositors seek views of RBI ex-Guv Urjit Patel\, his deputy Viral Acharya

MUMBAI: Depositors at the embattled Punjab & Maharashtra Cooperative (PMC) Bank have reached out to both Urjit Patel and Viral Acharya, the former central bank chief and his deputy, on reviving the stressed lender so that they can access their savings. PMC depositors have sought their views on several issues, including monetisation of the attached assets and merger with large private banks.

“Since the combined value of these properties… is almost twice the money payable by HDIL…. PMC depositors can demand a special financial bailout package of a minimum Rs 5,000 crore from the RBI or State / Central Govts so that PMC can resume its business operations and restore customer trust and confidence by pledging these assets as security,” reads the email sent to Acharya.

“Another option would be to have a merger with a large private bank, such as ICICI, Kotak Mahindra, or IndusInd Bank, after the forensic audit report has been released by Grant Thornton,” the email further adds. Both former central bankers have been in the news for their latest books on India’s banking sector.

The depositors have also sought their views on availing loans by using PMC assets as collateral.

“Dr Acharya has replied to our email stating that he has forwarded these to his relevant contacts at the central bank so they can get to the right place for the attention they deserve,” said Manjeet Sabharwal, the coordinator for PMC depositors.

Meanwhile, some depositors protested outside the RBI office in BKC on Sunday.