A year later, PMC Bank depositors still struggling to get their money back

PMC Bank depositors have spent the last one year holding protests, meeting politicians, writing to various authorities in an effort to get their hard-earned money back.

For depositors of the tainted Punjab and Maharashtra Cooperative (PMC) Bank, the situation is not very different from what it was almost a year ago when the RBI placed withdrawal restrictions on the bank after the mega scam involving misreporting of loans with senior bank officials' involvement came to light.

Exactly one year ago, on September 23, 2019, the Reserve Bank of India had superseded the board of the multi-state urban cooperative bank and placed it under various regulatory restrictions after detection of certain financial irregularities.

Initially, the RBI had allowed depositors to withdraw Rs 1,000 which was later raised