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Why PMC Bank Not Being Bailed Out?

The speed and alacrity with which Satyam Computer, the brainchild of Ramalinga Raju; YES Bank, promoted by Rana Kapoor; and Lakshmi Vilas Bank (LVB) were bailed out by the Union government seems to have surprised everyone. No government since Independence has moved at this sort of lightning speed to resolve such tricky, tortuous issues. Seeing the government’s bailout overdrive, especially in relation to YES Bank and LVB, some of the Opposition parties attributed motives, saying it was shielding people aligned to the government. Be that as it may, the government’s move has certainly given succour to the aggrieved depositors of both the banks.  And it is this kind of relief that the shattered depositors of PMC Bank have been clamouring for since the news of the Rs 4,300-crore money laundering scam hit the bank. The angry depositors of PMC Bank staged dharna in front of the RBI, dashed off letter to the finance minister Nirmala Sitharaman. But of no avail.  Seeing depositor’s hapless state, Republic TV ran a high decibel campaign. Republic TV revealed that a letter was written on January 28, 2011 by Manpreet Kaur to the then Chief General Manager in-charge, Urban Banks Department, RBI about bank’s misdoings way back in 2011.  There is hope for depositors as there are many suitors eager to take over this bank.