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PMC Bank: Moneylife Foundation Helping Distressed Customers to File Writ Petition in Bombay HC
Moneylife Digital Team 16 October 2019
Economy & Nation
Responding to the plight of distressed customers of scam-hit Punjab & Maharashtra Co-operative (PMC) Bank, Moneylife Foundation has decided to help them in filing writ petition in the Bombay High Court. 
 
This is a very limited window of opportunity. We need to verify all the details and file the petition within the next 72 hours. It is in your interest to participate in this legal action because sometimes court orders benefit only those who file the petition and not all those who are affected.
 
Steps to Join the Writ Petition
 
We are moving to the next step: actual legal action. Here is how a depositor and customer of PMC Bank can join the writ petition.
 
1. We need data to make the petition strong. For this share your basic information with us. If you have only a PMC Bank account please download the form from here. If you have an account in other banks as well please download the form from here.
 
2. Send the completed form to [email protected] with "Writ Petition in PMC Bank Matter" in the subject line.
 
3. For filing the writ, you would need to sign an affidavit and vakalatnama.
 
4. Visit Moneylife Foundation office at 304, 3rd Floor, Moneylife Foundation, Hind Services Premises Industries Limited, Near Chaityabhoomi, Opposite Hindu crematorium, Off Veer Savarkar Road, Shivaji Park, Dadar-28
 
5. Meet Aravind Natarajan, who is coordinator for this.
 
6. Contact on 022-49205000 / 7045156415 (WhatsApp for sending message only).
 
The reason we need detailed information about each case is because as part of the legal strategy, we wish to group the affected people under different heads. Also, you will be making affirmations in court, which has to be 100% accurate and we cannot have surprises later on and spoil our case. We will keep all information totally confidential and we will not share it with anyone else.
 
Our legal action follows a public meeting of PMC Bank depositors organised by Moneylife Foundation along with All India Bank Employees Association (AIBEA) and Centre for Financial Accountability (CFA) on 12 October 2019 at Mumbai. (Read: “If PMC bank depositors need a solution they have to get engaged in large numbers in a legal process”)
 
Moneylife Foundation was approached by several depositors of PMC Bank, highlighting not only their own woes but several systemic issues that are likely to destroy their financial credit and get them into serious legal difficulties, maybe even leading to imprisonment. 
 
Prior to the public meeting, Moneylife Foundation had sent a detailed memorandum to RBI on issues faced by depositors, the current position under the law and the reliefs sought. (Read: Memorandum to RBI Suggests Quick Sale of PMC Bank & Implementing Gandhi Committee Report to Prevent Frequent Collapse of Cooperative Banks) 
 
Moneylife Foundation also conducted a survey of PMC Bank depositors to collate specific details of hardship faced by them through an online survey tool. If you haven’t, fill up the Survey here https://www.surveymonkey.com/r/PMCBank 
Comments
M Ramachandiran
5 years ago
Loan
Reply
Vijayan Kurup
5 years ago
I wd like to know is there any chance to avoid delaying justice??? history shows very tragic story of depositors.
Reply
M Ramachandiran
5 years ago
I am contacting my resume ladies PG chocolate factory road Tavarekere Bangalore 560029
Reply
M Ramachandiran
Replied to M Ramachandiran comment 5 years ago
Loan
Reply
Mr Jitendra
5 years ago
What happened to Madhavpura Mercantile? Did all the large size depositors recover their capital with interest who lost it in 2001? Does media and moneylife have any clue on whether the money of large size depositors was returned with interest of 17+ years?
Reply
P M Ravindran
5 years ago
I know that this is the right step under the circumstances. But the scope is limited and results are for short term, except for the delays inflicted by the courts. The long term need is to make the appointments in the judiciary merit based and transparent and the judges accountable. We also should ban advocates from courts. The judges are expected to know the law and the parties to the case, the facts. Thus between the threesome any dispute can be legally resolved, amicably. Advocates only muddy the waters where they can fish for themselves only. I remember attending the concluding function of a seminar on Access to Justice organised by the supreme court advocates on record association. The then Union Law Minister, Ravi Shankar Prasad, had illustrated a fact with an example of how at the beginning of a case the petitioner used to go the court in a car and the advocate on a bicycle and by the time the case was disposed of the petitioner was on a bicycle and the advocate in a car. Very diligently he avoided mentioning the outcome of the case itself.
Reply
CHANCHALKUMAR DAGADE
5 years ago
money life Team First of all Thank you so much for your support to bank depositors.. Lets do our best.. We are with you. Do keep posting. I am submitting form on the behalf of my mother for the The City Co-Op Bank Ltd Mumbai. Thank you
Reply
Anjali Upadhyay
5 years ago
Its Good Idea for literate people. I totally support this but please come back with some other solutions for not so educated peoples too. becz there are many having current account in PMC Bank and they are working in small group of business and they have just lost every thing, they have some lakhs of money in this bank but now could not operate their business at all at this time.
Reply
Dinesh Bhaskar
5 years ago
Brilliant! Finally, one media house with a sense of genuinely wanting to help people in distress.

Proud of the entire team @ MoneyLife!
Reply
CHANDRASHEKHAR VINAYAK KAKATKAR
5 years ago
Thank You ML team - on behalf of the PMC depositors in distress.
I have forwarded your msg to many of my relatives & friends thru Whatsapp group.
Also offered them my services to fill up the form.
Hope to get a good response.
Reply
P S Krishnan
5 years ago
Well done ML. This is step that the Government - Either center or state and RBI should have initiated. You are doing a far effective work than Governments and RBI, all these frauds and inefficient Government and RBI employees should be sacked enmasse. Keep up the good work. PMC is an eye opener for me. I was planning to invest my retirement PF in a Bank FD, now I willl split it as 1 lakh in several banks and put a major part in Sundaram Finance FD which is Gold standard and more credible than Indian Sovereign Bonds. ML should initiate a campaign for hiking of deposit insurance on par with the investment, only the interest component should be at risk not the principal, the Entire principal should be compensated by the Government. Why should honest depositors suffer for RBI and Governments corruption and inept processes
Reply
Ajihtkumar Pillai
5 years ago
Great to note that Moneylife js joining the poor PMC Bank Customers , who have been cheated, by offering legal support All the best for the same
Reply
GLN Prasad
5 years ago
This is the exact way of helping isolated, distressed depositors. ML deserves high appreciation for this commitment.
Reply
nadeem
5 years ago
Kudos to team Moneylife...! Always in the forefront fighting for the common man..!
Reply
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