PMC Bank crisis: Your money is safe, RBI assures depositors

The Reserve Bank of India (RBI) has assured depositors of crisis-hit Punjab and Maharashtra Co-operative (PMC) Bank that their money is safe.

According to a CNN-News18 flash, RBI officials met a delegation of PMC depositors who have been protesting at Mumbai's Azad Maidan over the central bank's strict withdrawal limits that were imposed on the bank.

"We discussed 19 points in detail that included medical expenses, marriage expenses, taxes etc," a depositor told the news channel.

"We gave them an ultimatum till October 30. None of us will celebrate Diwali," said the depositor.

The delegation also demanded Rs 25 lakh as compensation for the kin of those who have died due to the PMC crisis.

The RBI told them that it will come up with a solution, and possibly convey it through a press conference or a press release between October 25 and 27, said a depositor.

After the scam was unearthed in the bank, which has deposits of over Rs 11,000 crore, the Reserve Bank of India appointed an administrator over it, and capped its withdrawals at Rs 40,000 per account for six months.