PMC depositors gather outside RBI Delhi, demand assurance from central bank
New Delhi: A group of distressed PMC depositors gathered outside the Reserve Bank of India (RBI) office here on Wednesday, seeking an assurance that their deposits in the scam-hit corporative bank are safe and will be returned to them within a stipulated time.
On Tuesday, the RBI increased the withdrawal limit from the bank's customers to Rs 50,000 but this has done little to assuage the concerns of the distressed depositors.
Most of the 20-odd depositors who have gathered at the RBI headquarters here are from Tilak Nagar in west Delhi, where the bank has a branch.
Taranjit Singh (33) said at least a representative from the RBI should assure them that the deposited amount will be returned in a given time frame.
Singh, who is in a private job, has Rs 10 lakh deposited in the scam-hit bank. "The RBI should conduct a press conference and assure us that our money is safe," he said.
Punjab & Maharashtra Cooperative Bank (PMC Bank), which is among the top 10 urban cooperative banks, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans.
The crisis began after an alleged ?4,355-crore scam came to light and the RBI capped withdrawals at Rs 1,000 per customer from September 24. Subsequently, it raised the withdrawal limits to Rs 50,000 in multiple moves.
Sixty-five year old Manjit Singh is among the PMC customer who has gathered at the RBI office. He said he has fixed deposit amounting to lakhs in the bank and his livelihood depends on the interest earned from this deposit.
"If this is way the bank deals with their customers, people will lose faith in the banking system," he said.
Tajinder Singh, a senior citizen, said he has been a customer of the bank for the past five years and has deposits of Rs 1.4 crore. Tajinder said he had deposited Rs 40 lakh on September 23, just a day before the cap on withdrawal kicked in.
"None of the bank representatives cautioned me of the impending crisis," he said.
Harmeet Singh (28), a salesman by profession, said he had taken a loan to buy a house and deposited Rs 15 lakh in the bank just two months ago.
"I am facing difficulties in withdrawing cash," he said, adding that the PMC should be merged with some healthy bank.
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Ayush signs off with silver at Badminton Asia Championships
Ningbo (China) (PTI): India's Ayush Shetty signed off with a silver medal after his giant-killing run ended in a straight-game loss to world No. 2 Shi Yu Qi in the final of the Badminton Asia Championships here on Sunday.
The 20-year-old from Mangalore struggled to find his rhythm, going down 8-21, 10-21 to the reigning world champion from China, as India's 61-year wait for a men's singles gold at the event continued.
Despite the loss, it was a creditable campaign from the unseeded youngster, who became only the second Indian men's singles player after Dinesh Khanna to reach the final of the continental showpiece.
Khanna remains the only Indian singles champion at the event, having won the title in 1965. Since then, only the men's doubles pair of Satwiksairaj Rankireddy and Chirag Shetty have lifted the trophy, winning it in 2023.
World No. 25 Ayush entered the contest on the back of defeats to Shi at the Malaysia Super 1000 earlier this year and the Indonesia Masters last season. However, he had played with far greater control and attacking clarity this week, toppling world No. 1 Kunlavut Vitidsarn, world No. 4 Jonatan Christie and world No. 7 Li Shi Feng en route to the final.
However, the Indian, a product of the Padukone-Dravid Centre for Sports Excellence in Bengaluru, failed to counter the tactical discipline of Shi, who used his repertoire of strokes and deception to deny Ayush the opportunity to play his natural attacking game.
Shi dictated the geometry of the court from the outset, controlling the net exchanges and forcing Ayush into the forecourt battle early. The variation in the Chinese player’s game blunted the Indian’s attack, as his smashes lacked precision and he succumbed to scoreboard pressure, leading to rushed shot-making.
Shi Yu Qi logged the opening points with two fine net dribbles to race to a 4-0 lead, as Ayush’s smashes lacked precision early on and he trailed 2-6. A long rally ended with the Chinese player going wide, offering the Indian some respite. A deceptive net shot helped Shi move to 7-4, and he extended the lead to 11-6 as Ayush struggled for control, committing a string of unforced errors.
Shi mixed it up effectively, producing a lovely drop shot and repeatedly drawing the Indian to the forecourt with cross returns like a metronome, forcing errors. Two down-the-line smashes gave Shi a massive cushion of game points, and he sealed the opening game when Ayush sprayed a return wide.
The Indian needed a complete reset to stay alive, and he responded with a thunderous straight smash before diving on both flanks to keep the shuttle in play and move to 3-1 in the second game. Shi continued to test Ayush with backhand deceptive net strokes and pushes to the deep, but the Indian managed to retrieve everything and even found his precision in time, with an on-the-line smash confirmed by Hawk-Eye and a well-constructed rally taking him to 7-2.
However, he couldn't hold on to the momentum as the Chinese clawed back to 7-7 after two long shots and a smash into the net from Ayush. A return that kissed the backline from Shi, followed by another error from Ayush at the net and a return into the net, handed the Chinese the advantage once again at the interval, as he led 11-8.
Shi’s ability to place the shuttle into empty spaces with his repertoire of strokes, often punctuated by a fierce smash, made life difficult for the Indian as he stretched the lead to 13-8. Soon, the Chinese was up 15-9 with another powerful smash.
A body return followed by a straight smash took him to 17-9, and another long shot from Ayush further dented his chances. A perfectly angled smash into the forehand corner brought Shi within two points of victory. He then unleashed a cross-court smash to earn 10 match points and sealed the contest with a return that cramped the Indian, targeting his hip.
