Man with Rs 90 lakh in PMC bank dies hours after protest

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A 51-year-old account holder at the Punjab Maharashtra Co-operative (PMC) Bank, whose family had deposits of over Rs. 90 lakh with the troubled bank, died in Mumbai on Monday, hours after attending a protest march against the bank.

Sanjay Gulati took part in a protest on Monday morning. He had been stressed about his deposits at PMC, sources said.

Gulati, a former employee with Jet Airways, held an account in the Oshiwara branch of PMC Bank.

He is survived by a wife and two children, including a specially-abled son.

Gulati took part in the protest with his 80-year-old father. Hours later, he collapsed, sources said.

The PMC Bank has been placed under “directions” by the Reserve Bank of India (RBI) since last month, wherein depositors’ withdrawals have been capped. On Monday the RBI increased the limits for PMC bank account holders to Rs 40,000 from earlier withdrawal limit of Rs. 25,000.