PMC Bank depositor Fattomal Punjabi's family alleged he died due to stress

A depositor of the troubled Punjab and Maharashtra Co-operative (PMC) Bank died of a cardiac arrest on Tuesday due to stress, his family in Mumbai has said.

Fattomal Punjabi is reportedly the second customer of PMC Bank to die in less than 24 hours after another depositor, Sanjay Gulati, 51, died following a protest by depositors on Monday. Mr Gulati, a former employee of the defunct Jet Airways, had deposits worth Rs 90 lakh in the bank.

Mr Gulati is survived by his wife and two children.

Last month, the Reserve Bank of India (RBI) restricted the activities of PMC Bank for six months and ordered it not to give or renew any loans and advances, make investment or incur any liability, including borrowing funds and accepting fresh deposits.

PMC Bank is a multi-state scheduled urban co-operative bank with operations in Maharashtra, Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh. It has a network of 137 branches.

The RBI has raised the withdrawal limit for PMC Bank account holders to Rs 40,000 from Rs 25,000.