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India’s PMC Bank Crisis Claims Three Lives

NEW DELHI: Three depositors of India’s crisis-hit Punjab Maharashtra Co-Operative (PMC) Bank have died in the last two days.

According to Indian media reports, a 39-year-old doctor who had an account with the scam-hit Punjab and Maharashtra (PMC) Bank allegedly committed suicide at her residence in the Mumbai’s Versova area.

Dr Nivedita Bijlani (39), who allegedly ended her life by consuming overdose of sleeping pills on Monday evening, had deposits of over Rs 1 crore with the Punjab and Maharashtra Cooperative Bank.

The bank has been put under restrictions by the Reserve Financial institution of India (RBI) following the discovery of a Rs 4,355 crore scam. Deposit withdrawals have been capped at Rs 40,000 over a six-month period, causing panic and distress among depositors.

Two account holders of the bank died of a heart attack on Monday and Tuesday after being unable to withdraw their savings from the bank.

Fattomal Punjabi, who had an account with the PMC bank’s Mulund branch, died on Tuesday afternoon, while Sanjay Gulati of Oshiwara died on Monday. Both depositors had taken part in protests over the last few days.

Punjabi was on the way to the bank on Tuesday morning when he suffered a massive heart attack. He was taken to the Gokul hospital but was declared brought dead.

He had Rs 8-10 lakh in his savings bank account and a couple of fixed deposits with the PMC bank as well.

On the other hand, Sanjay Gulati had lost his job with Jet Airways after the airline was grounded in April following the bankruptcy. He has a specially-abled son whose treatment requires over Rs 25,000 a month, and they were struggling to pay his tuition fees, family members said.

Accompanied by his 80-year-old father, Sanjay participated in the depositors’ protest in south Mumbai on Monday morning. Later, while having a late lunch at his house in suburban Oshiwara, he collapsed, his family said.