The Sahakar Bharati team led by Satish Marathe has petitioned Mrs Nirmala Sitharaman, Union Finance Minister to intervene in the matter of amalgamation of Punjab and Maharashtra Co-operative Bank.
The letter which is signed by Satish Marathe, Uday Joshi and newly elected President D N Thakur suggest many out of the box solutions to improve the terms of amalgamation in favour of the hapless depositors.
The letter says it should be noted that from the time PMC Bank was put under RBI Directions, the Depositors have faced unbelievable hardships for the past 2 years and more. It should also be noted that unfortunately, the fraud which was going on for over 5 years remained undetected till it was brought to the notice of RBI by an employee of the PMC Bank.
The fraudsters have cheated the Depositors. Hence, an Out of Box Solution is necessary to mitigate the hardships of thousands of Depositors. Hence, your intervention is absolutely necessary in larger public interests, they argue.
The leaders argue that to mitigate the hardships of Depositors of whom about 40% are senior citizens, it is necessary that their monies should be repaid, as early as possible, but not later than 5 years, from the appointed date.
Also, a clear direction from the GOI to the DICGC is necessary to provide adequate liquidity support. The proposed liquidity support from DICGC is meager and needs to be substantially augmented, they argue. In this regard, to protect the interests of DICGC, it should nominate at least 2 Directors on the Board of Unity SFB Ltd, the letter reads.
Talking about Bonds, the trio say “With the consent of the Depositors, a part or full of their Deposits be converted into Bonds with a maturity of maximum 5 to 7 years. Unity SFB Ltd should have these Bonds Rated and Listed at the earliest, so that Depositors will get an option to receive their monies at an early date.”
“These Bonds should carry an Interest Rate equal to the interest rate structure of State Bank of India or 10 years benchmark. The Depositors need to be paid interest @ 6% p. a. or at least equal to the average inflation rate of the past 3 years” they say.
Dividend rate of PNCPS should be at least equal to the rate of average inflation during the last 10 years to safeguard its monetary value. There should also be a definite/specified repayment schedule.
Unity SFB Ltd should be mandated to raise Capital and Long-Term funds, both in domestic and international markets, reads the letter. They remind the minister that the Depositors have expressed their total disillusionment about the proposed Scheme and a few thousand Depositors have submitted their objections to the RBI.
The fraud in PMC bank have kiiled 250+ depositors. Thousands are suffering from bad mental and physical health since last 27 months.
There is no body to take up and give relief to these depositors.
Shree Satis Marathe founding member of Sahakar Bharati knows this very well.
We are thank to to Sahakar bharati and specialy Shree Satish Marsthe for intervention and suggest to FM that as there are 40 % depositors are senior citizens and most of them are living on interest income ,they must be paid their intetest to survive. As they hane no other source of income their money should be return as early as possible but not latter than 5 yesrs as they have suffered for past 27 months.
I hope our FM will honour request of Sahakar Bharti and give justice to inocent stakeholders of PMCB.
Many thanks to Sathish Marathe Sir and other members taking up our legitimate cause. It seems entire amagamation is scheme has been drafted ( dictated) by the promoters of Unity SFB. Draft is silent on repayment of deposits, sale of wadhwan HDIL assets, recovery from 27% good debtors, CRR and other statutory reserves of erstwhile PMC held with RBI and other probable receivables. Just for Rs 1100cr (no guarantee) Unity getting all these on a platter along with 137 branches in prime locations out of which 28 are own premises, foreign exchange business, trained and dedicated staff at reduced pay at 70%.!!!. Only in name sake sec 35 A was continuously imposed to “safeguard interests of stakeholders”!?
Many thanks to Sathish Marathe Sir and other members taking up our legitimate cause. It seems entire amagamation scheme has been drafted ( dictated) by the promoters of Unity SFB. Draft is silent on repayment of deposits, sale of wadhwan HDIL assets, recovery from 27% good debtors, CRR and other statutory reserves of erstwhile PMC held with RBI and other probable receivables. Just for Rs 1100cr (no guarantee) Unity getting all these on a platter along with 137 branches in prime locations out of which 28 are own premises, foreign exchange business, trained and dedicated staff at reduced pay at 70%.!!!. Only in name sake sec 35 A was continuously imposed to “safeguard interests of stakeholders”!?
We PMC depositors are really really thankful to Mr Satsh Marathe, Mr Jishi n Chairman Sir to take up our issue with Finance Minister
We are hoping that PMC depositors will be paid entire amount in three of 5 equal yearly installments with interest
Thanks once again
My Money in current account M/S Premier Engineering works is held up in the PMC Bank
Hence my business is getting suffered.
Respected person should suggest some solution.
Thanks to sahakara Bharati men for standing up with PMC depositors.hope good sense of justice will b done yo the depositors.
All PMC BANK DEPOSITERS bachche budhe young all’s life is badly affected by 2& half year
Marne ke Siva koi option nahi rakha hai
No Money No life we are not getting even water to survive without money. Kiske paise pe 35A LAGANA means unse unki jindgi chinne ke baraber hai if there is any justice left in india ,in govt of india ,in RBI please give our money:back within 1 years .YES BANK RBL PNB DEPOSITERS ko protect kiya HAME KYO NAHI???
IT IS OUR LIFE TIME SAVED HARD EARNED MONEY ..please give back our money in full with interest
Thank you for all the efforts. Looking forward to getting back every hard earned penny.
The finance minister should immediately look into the matter and try to relieve the hardships faced by the depositors and shareholders as early as possible. This will ensure confidence in the local minds which has erorred terribly in the recent times.
My entire life earning is with PM C bank ,due to pandemic don’t have job.How do we meet our end.
I am left to mercy for my own hard earn money.
At least someone is thinking about us sr ctzns plight. A Bank means a place of TRUST, be it cooperative or Pvt. And the bank is under control of RBI for the last 2+ yrs and RBI is transferring Hugh amount of extra funds to GOI every year hence it is a case of total apathy by everyone responsible. 250+ depositors have died but the media is also silent. Hope God gives good sense to FM and RBI to infuse funds to keep us alive.
I thank the efforts and suggestions provided by the learned people who have put this suggestion forward. I request all the people in power to address this issue ASAP. It’s already been 2 years of suffering
Thanks to sahakarbharati🙏🙏
My heartiest thanks to Mr Satish Marathe, Mr Uday Joshi & Mr D Thakur for writing to the FM and describing the sad plight of the senior citizens like me who have put all their life savings in the PMC Bank. We all pray that the FM amends the amalgamation RBI draft so that all are benefitted from it, particularly, the senior citizens whose problems should be addressed on priority basis.
Thank you very much.
Hello
Not only depositors but Share holders must be taken into account by greeting few lakhs share you can’t be co-owner of bank ……
Purushotam Sharangdhar
I and my wife are senior citizens and my mother is a super senior citizen of 90 years and we all have accounts and fixed deposits in PMC Bank. We are going through hardships since the past 2 years and we now seek an end to it. We would like to thank Shahkar Bharti & Shree Satish Marathe Ji for his efforts and appeal that justice should be given to us as soon as possible. We need our money and we need it fast for our basic needs, medicines and survival. Please HELP!
If depositors interest isnot protected people lose their faith in the banking system and resort to hoarding cash at their homes like olden days. The very purpose of mass banking system is defeated. RBI efforts to spread banking system in the village had no meanings if depositors money is not protected
We thank Shahkar Bharti & Shree Satish Marathe ji for their efforts and also request/ appeal to give justice as soon as possible . We also appeal and request honarable Finance Minister Mrs Nirmala to ensure ALL the PMC bank depositors get their FULL money back taking into account the inflation. We are also citizens of India and hold the same rights as others. Thank you very much 🙏🏼
We appreciate efforts of Sahakar Bharti & Shree Satish Marathe ji specially when 250 depositors died and thousands are suffering for last 27 months. He is fully aware that there are 40 % depositors who are senior citizens and they can not survive with out interest income.
This efforts of Sahakar Bharti will enable seniour citizens to live life of dignity. They have no other source of income hence protecting them from fraud by Sahakar Bharati is humanitarian action.
Indeed agross negligence on the part of RBI for wasting precious time with comlete disregard to the interest of the stakeholders.The Amalgamation scheme of the RBI is against the interest of the stakeholders.K
Wonderful and practical approach to solving the PMC Bank issue.
FM should also support this.
It’s a request with folded hands from a PMC Bank Depositor.
All depositors to be given their money back in totality
Thanks to Sahakar Bharati team lead by Shri. Satish MaratheJi for petitioning to FM on behalf of depositors of PMC Bank. Trust, the Govt. & RBI will accept the proposals given by them and resolve the long stretched ordeal and misery of PMCB’s innocent depositors without any further delay.
Special thanks to Mr Satish Marathe for understanding the problems of PMC Bank Depositors.
Giving very practical solutions for solving the problem of PMC Bank Crisis.
Suggestion to issue market listed bonds to all the Depositors which will have 6% or even higher rate of interest.
So Depositors can hold the Bond and earn Interest or sell it in market to get back the money when needed.
Thankyou
Respected FM please bring suitable changes in the draft resolution of PMC Bank amalgamation.
Namste Madam and Jai Hind
Thanks so much for your efforts.
We r fed up by Government machinery.
They just give false promises even at the table of Parliament .
It’s Hard earned money which is stuck because of the negligence of RBI
Thank you for your efforts. We were losing all hopes.
I agree
Thankyou sir, for your support. Thankyou mam for taking our cause. A helpless, jobless depositor.
Respected sir Shri marathe Ji and shakar bharti ji thank you very much, kindly request to you please help us 🙏 please give us our tax paid money back returns.300 PMC bank victim already death, We have no money for food and medicine please help us
The letter written by Sahakar Bharat ito Fin.minister is a rays of hope for the distressed stake holders of PMC Bank.
Now a ball is in Court of Central Got, and Finance Minister.
Many thanks to Sahakar Bharati and team for their efforts to bring justice to the depositors of PMC bank,we will remain thankful to you for ever .
Madam FM, kindly address PMC depositors’ plight on urgent basis. Set an example.
Thank you Sir for your support
Thanks a lot for your sincere efforts. Hope everything will work out nicely.
The fraud in PMC bank have kiiled 250+ depositors. Thousands are suffering from bad mental and physical health since last 27 months.
There is no body to take up and give relief to these depositors.
Shree Satis Marathe founding member of Sahakar Bharati knows this very well.
We are thank to to Sahakar bharati and specialy Shree Satish Marsthe for intervention and suggest to FM that as there are 40 % depositors are senior citizens and most of them are living on interest income ,they must be paid their intetest to survive. As they hane no other source of income their money should be return as early as possible but not latter than 5 yesrs as they have suffered for past 27 months.
I hope our FM will honour request of Sahakar Bharti and give justice to inocent stakeholders of PMCB.
Thanks a lot to Sahakar Bharati and Shri Marathe ji for their efforts on behalf of me, my wife, the Investors and the Share Holders of PMC Bank.
Hope your efforts materialise and end the egony of the investors.
May God bless you all with success.
Thanks to sahakarbharati🙏🙏
Its complete failure of RBI but the are behaving as if they are doing favour.. all of a sudden NHBs 150 Crore became high priority… where as Sr. Citizens plight for 2 yrs is complete ignored and 200 people death they did not care .. also no action on asset sale of HDIL attached assets to recover amd recive bank.. intention. Is clear to give this to another looters and team
Thank you Mr Satish Marthe for your efforts. Hoping to get our hard earned money back.🙏
Myself and my wife are senior citizens. Already we are suffering from financial crises and varies diseases. We are paying income tax on interest of our deposit. It means government is not paying us money but recovering income tax. It is cheating. So we should get our money immediately.
Pvt Ltd MSME companies should not be treated as institution depositors, because it’s closely held family members are the promotors of the company, taken loans from PSU banks to metigate the Hard ship and run the business,if pvt LTD intentity treated as institution,they will be Bank rupt and will default to PSU account. Pvt Ltd should be treated equally to partnership and HUF account.
I am senior citizen 60 yers old. I am suffering from diabetes, high blood pressure, sevior knee pain.
Monthly medical expenses are heavy. It is not possible to manage day to day experiences without money. So iI is necessary to get our money immediately
These are good suggestions . Even government can consider.
1)As per consent of Depoditors part or full amount be converted into RBI bonds with option to get qtrly/ six monthly / interest at maturity.
2) Prominent Banker like Mr Aditya Puri / Mahindra may be given chairman ship with full authority to run the bank , these people can bring confidence in depositors .
3)Amount getting from fraudsters properties/ mortgage be refunded back to depositors and share holders .
Shri Marathe hi & Shankar Bharati ji
God bless u for helping us…..further also keep doing
Such GOOD WORK 🙏🙏
एक नम्र निवेदन एवं इसको वाचा देने वाले सभी अग्रणी नागरिक का हम आभारी व ऋणी है.
लोगों की परेशानी को समजने वाली, बहुमत वाली,ईमानदार, एवं कर्मठ सरकार से नम्र अपील है कि PMC बैंक के खातेधारक की जमा राशि पे आपका निर्णय जल्द देंगे यह आशा ही नहीं पूर्ण विश्वाश था लेकिन पिछले कही महीनो से हम एक आश लगाके बैठे थे की हमारे कष्ट से कमायी हुई टेक्स भरि हुई जमाराशि का भुगतान जल्द होगा लेकिन यह हमारी अंधी क़ानून व्यवस्था की जैसे तारीख़ पे तारीख़ मिल रही है या तो कुछ साल के बाद हमारि जमा राशि से कमाने के बाद आप वापस लौटाने का वादा आ रहा है. ईमानदार एवं टेक्स भरने वाले की गलती की उसने अपनि मूडी बैंक में जमा करवाई ऐसा प्रतीत होता है यह ग़लत संदेश लोगों के बीच में जा रहा है कृपा करके आपकी निर्णय लेने की ईमानदारी एवं लोगों ने जो भरोसा जताया है इस सरकार पर उनको जल्द से जल्द इसपे निर्णय लेके लोगों को आश्वस्थ करने की जर्रोरत है. जय हिंद. वन्दे मातरम्.
Our earnest request to you Hon. Finance Minister Nirmala Sitaraman to please intervene and find a solution for our woes. It’s our hard earned money. I’m a widow and a senior citizen. My husband invested this money for me and my family. We have complete faith in you and trust you will bring us solace in these trying times. The perpetrators are spared. What kind of justice is this. Please find a solution and protect the interests of us innocent depositors. We would always be grateful for your just solution. Thank you and God bless you.
I am 67 yr old, retired senior citizen, all my savings and Provident Funds amounting to 45 lacs were in deposit with Pmc Bank. Since last 2 yrs, I have bern reduces to the status of a Beggar. Have to visit Muncipal dispensaries for medicines, can not afford a decent lunch/dinner and have lost all comforts in retired age. Last resort available is to sell my comfortable home in Mumbai and shift some distant Suburb in Thane district and save some surplus cash for my survival.
i request Mrs Nirmala Sitaraman and Mr Das of RBI to do away the Harsh formulation of Compensation of PMC BANK Depositors and help by taking a more helpful approach. I also commend Sahakar Bharti efforts to help us.
We appreciate efforts of Sahakar Bharti & Shree Satish Marathe ji specially when 250 depositors died, my Dad being one of them and thousands like my mother are suffering for last 27 months. He is fully aware that there are 40 % depositors who are senior citizens and they can not survive with out interest income.
Hope this efforts of Sahakar Bharti will enable senior citizens to live life of dignity. They have no other source of income hence protecting them from fraud by Sahakar Bharati is humanitarian action. It is pathetic apathy by the RBI n the government that we tax paying honest citizens have to beg for our own hard earned money. Hope better sense prevails n the matter gets resolved considering the suffering of us depositors.
Really appreciate the efforts. I am a super senior citizen aged 87 years and need to be able to use my money when I am alive. I do not think I will live till 97 years, which is the proposed repayment date
Thanks to Sahakar Bharati team lead by Shri. Satish MaratheJi for petitioning to FM on behalf of depositors of PMC Bank. Trust, the Govt. & RBI will accept the proposals given by them and resolve the long stretched ordeal and misery of PMCB’s innocent depositors without any further delay.
Thanks Mr Marathe. Super senior my mother’s entire savings are struck in PMC bank and it is very difficult for us run our family. Pl save us
Modi ji sir,
Please involve in this matter to safeguard the interests of lot of PMC depositiors to return their hard earning money with your finance minister and give some direction to rbi and solve the problems amicably as early possible .
Thanks to all
We are very thankful to Sahakar bharati 🙏 and specialy Shri Satish Marathe for intervention to FM that as there are 40 % depositors are senior citizens and most of them are living on interest income . We all are in very very urgent need of our hard earned savings, please help us to get our full money , please start giving us our 1st installment
Special thanks Sir ji Satish Marathe for understanding the problems of PMC Bank Depositors. We all have been going under so much stress , sleepless nights. Our savings have got locked for no fault of ours. Please please help us 🙏
Thank you Sahakari Bharti and shri Marateji for your efforts to revive PMC bank and for putting our case forward. We trrust Ho.n. Fin Min Nirmala Sitaraman will intervene and help us innocent depositors get our money back.
We PMC depositors acknowledge with deep gratitude initiative taken by Sahkar Bharati and Mr Marathe for our money as we have been dealt a cruel blow by RBI. Please continue follow up as we are helpless and totally ignored by govt in favour of Unity Bank.
We appreciate efforts of Sahakar Bharti specially when 250 depositors died and thousands are suffering for last 27 months. Sahakar Bharti is fully aware that there are 40 % depositors who are senior citizens and they can not survive with out interest income.They have no ability to earn at this age.
This efforts of Sahakar Bharti will enable seniour citizens to live life of dignity & protecting senior from fraud. This is Sahakar Bharati’s humanitarian action.
When no other organisation have come to rescue of inocent depositors, Sahakar Bharti have realised that they can take it up with FM and resolve the issue.
We once again acknowledge with thanks the same.
We hope they will work till justice is done to inocent senior citizens.
Are you sure about suggestions by Mr Marathe, will RBI give immediate attention and relief to pmc bank depositors,,,worst hitted are senior citizens whose entire money is stucked and no source of income literally time has come to suside as no solution after amalgamation scheme denied, it’s our fault we trusted pmc bank for their services never know RBI auditors are well managed and RBI never observed shortcomings,,,
Thanks a million for your efforts Shri Satish Marathe ji.
Nothing fruitful achieved in so many years. Acute hardship and agony of every depositor!
I appreciate sahakar bharti for initiative taken with FM to revise draft . Suggest continue paying interest till deposits cleared within 3 years as already more than 2 years passed. Allow some depositors to continue with USFB to keep deposits at current market rate of interest. This is in addition to withdrawal of 5 lakhs to all. Seniors & single source income people to be given priority of withdrawal.including LTD FD’s. Shareholders to be given proportionate sgares of USFB..At least start operations from Feb onwards, to instill confidence of depositors & Account holders.
Everybody is talking about 5 years and ten years payment. Nobody is demanding the payment of 5 lakhs which should have been paid from GIC in November/dec. 2021, which would have given immediate relief to most of the members.
If Govt.machinery takes unreasonable time to resolve the issues, why cant depositors receive the insurance amount of 5 lacs immediately??
Kindly help us asap my wife is in death bed.
I am senior citizen and all my service fund is with PMC bank
RBI should resolve the issue immediately, we senior citizens are worst affected
We appreciate the efforts put in by Sahakar Bharti and the respected members to acknowledge the hardships faced by PMC Bank depositors since last 28 months. While no forum, no political party has ever acknowledged or validated our troubles, this letter to the Honorable FM Smt Nirmala Sitharaman comes as a fresh ray of hope to us. We really hope and pray the concerned law makers from the Government including the involved parties the Bharat Pe Centrum led USFB take cognizance and dispense justice within a reasonable period. While the fight for our hard-earned money is on, we humbly request Sahakar Bharat forum to continue championing our cause because today if it’s us, tomorrow it could be you too.
Grateful to Shakar Bharati and various individuals who have spoken up for us depositors.
FM should come up with a better way to handle bank frauds than the current policy of freezing all operations for eternity, thereby mounting the losses, then punishing innocent victims for crimes and incompetence of authorities. The real perpetrators of fraud, their colluders, the auditors who failed in their duty to detect anamolies, the regulator who failed to take timely action even when alerted to the fraud some years ago – all are being allowed to get away with their crimes while victims are being punished! Is this the Justice to be expected from the financial system?
Many many thanks to Shri. Maratheji and Sahakar Bharati for revising the draft and puting the matter before Hon FM.Let us hope that the depositors money is returned as per the submissions made.
It is criminal not to pay interest.
While USFB will earn 12 percent interest.
All fund to be recovered for Wadhan builder will be thousands of cr bonus.
USFB like Pmc has bribed Rbi n Goi it seems.