At least 10 gurdwaras saved up for Guru Nanak’s 550th birth anniversary and deposited the money in PMC Bank



gurdwara

Sikh

Housing Development

Ram Singh Rathor

The collapse of the Punjab & Maharashtra Co-operative (PMC) Bank is likely to hit Gurpurab celebrations in November. More than Rs 50 crore raised by around 10 gurdwaras in the city, primarily to celebrate the 550th birth anniversary of Guru Nanak, has been frozen since the RBI imposed restrictions on the bank last week.Kendriya Shri Guru Singh Sabha, a gurdwara in Dadar East, has Rs 25 crore in fixed deposits as well as in current and savings accounts. “Other gurdwaras have more than Rs 25 crore in the bank,” said Ram Singh Rathor, 62, who handles its finances. “The main celebration is scheduled for November 12. Other events will be held around that date. We are worried about where the funds for these will come from.”Rathor said thecommunity had raised funds for the birth anniversary celebrations for months. “We trusted the bank because many of its directors are from the Sikh community. Why are depositors being made to suffer? We want the law to take its course quickly,” he demanded.Levelling the blame for the crisis at RBI’s doors as well, he asked why the bank regulator stayed silent while the PMC bank’s bad loans mounted over the years. Rathor pointed out that had the RBI been more vigilant, the bank’s losses could have been curtailed. Multiple reports have said that gross under-reporting of bad loans and a loan of Rs 2,500 crore to the now bankrupt real estate companyand Infrastructure were the major reasons behind the RBI’s punitive actions.Tehal Singh, an office-bearer of a Borivali gurdwara, too, raised concerns about celebrations getting affected. Although he refused to disclose the amount deposited in the PMC Bank, he said every gurdwara in the city has been hit by the RBI’s move.Many gurdwara have written to the PMC Bank’s now suspended board members, the managing director and RBI officials, asking for a quick resolution.