RBI's draft scheme for the amalgamation of the beleaguered Punjab Maharashtra Co-operative Bank (PMC) with the newly set up Unity Small Finance Bank(USFB) will undoubtedly bring some relief to the lakhs of PMC bank depositors whose hard earned life savings have been locked up and in jeopardy since September 23, 2019. It may be recalled that during this period several depositors have undergone mental trauma and a harrowing time struggling to make ends meet with the measly Rs 1 lakh permitted as maximum withdrawal amount by the RBI.
While many have died for want of money to meet their medical expenses, a few others have ended their life in desperation. And now with the new RBI draft that proposes to pay depositors their money in stages and their full amount only after 10 years, I wonder how many of the senior citizens in particular will live to see the light of day and enjoy their hard earned life savings. An amendment of the draft scheme is therefore necessary to make it more meaningful and beneficial.
